Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 28, 2013 | Oct. 25, 2013 | |
Document Information [Line Items] | ||
Entity Registrant Name | Arrow Electronics Inc | |
Entity Central Index Key | 7536 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 28-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 100,741,713 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Sales | $5,048,211 | $4,962,331 | $15,203,925 | $15,002,423 | ||||
Costs and expenses: | ||||||||
Cost of sales | 4,376,551 | 4,299,612 | 13,200,621 | 12,971,981 | ||||
Selling, general, and administrative expenses | 453,920 | 456,521 | 1,376,199 | 1,369,431 | ||||
Depreciation and amortization | 32,436 | 27,819 | 96,540 | 84,904 | ||||
Restructuring, integration, and other charges | 22,568 | 14,562 | 74,402 | 36,152 | ||||
Total Costs and Expenses | 4,885,475 | 4,798,514 | 14,747,762 | 14,462,468 | ||||
Operating income | 162,736 | 163,817 | 456,163 | 539,955 | ||||
Equity in earnings of affiliated companies | 1,884 | 2,154 | 5,227 | 5,766 | ||||
Loss on prepayment of debt | 0 | 0 | 4,277 | 0 | ||||
Interest and other financing expense, net | 27,167 | 23,956 | 86,896 | 79,643 | ||||
Income before income taxes | 137,453 | 142,015 | 370,217 | 466,078 | ||||
Provision for income taxes | 40,490 | 38,323 | 105,260 | 134,182 | ||||
Consolidated net income | 96,963 | 103,692 | 264,957 | 331,896 | ||||
Noncontrolling interests | 184 | 75 | 368 | 268 | ||||
Net income attributable to shareholders | $96,779 | $103,617 | $264,589 | $331,628 | ||||
Net income per share: | ||||||||
Basic | $0.96 | $0.96 | $2.56 | $3.01 | ||||
Diluted | $0.95 | [1] | $0.94 | [1] | $2.53 | [1] | $2.96 | [1] |
Average number of shares outstanding: | ||||||||
Weighted average shares outstanding - basic | 100,750 | 108,301 | 103,269 | 110,245 | ||||
Weighted average shares outstanding - diluted | 101,669 | 109,894 | 104,426 | 112,096 | ||||
[1] | Stock-based compensation awards for the issuance of 831 and 871 shares for the third quarter and first nine months of 2013 and 1,789 and 1,403 shares for the third quarter and first nine months of 2012, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Consolidated net income | $96,963 | $103,692 | $264,957 | $331,896 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | 80,812 | 29,942 | 28,953 | -17,692 |
Unrealized gain (loss) on investment securities, net | 864 | 3,418 | -533 | 4,465 |
Unrealized gain (loss) on interest rate swaps designated as cash flow hedges, net | 96 | -1,322 | 1,977 | -5,086 |
Employee benefit plan items, net | 744 | 582 | 2,306 | 1,748 |
Other comprehensive income (loss) | 82,516 | 32,620 | 32,703 | -16,565 |
Comprehensive income | 179,479 | 136,312 | 297,660 | 315,331 |
Less: Comprehensive income attributable to noncontrolling interests | 184 | 79 | 368 | 74 |
Comprehensive income attributable to shareholders | $179,295 | $136,233 | $297,292 | $315,257 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $251,790 | $409,684 | ||
Accounts receivable, net | 4,568,553 | 4,923,898 | ||
Inventories | 2,165,984 | 2,052,720 | ||
Other current assets | 291,491 | 328,999 | ||
Total current assets | 7,277,818 | 7,715,301 | ||
Property, plant, and equipment, at cost: | ||||
Land | 24,000 | 23,944 | ||
Buildings and improvements | 146,246 | 152,008 | ||
Machinery and equipment | 1,105,548 | 1,030,983 | ||
Property, plant, and equipment, gross | 1,275,794 | 1,206,935 | ||
Less: Accumulated depreciation and amortization | -659,249 | -607,294 | ||
Property, plant, and equipment, net | 616,545 | 599,641 | ||
Investments in affiliated companies | 66,447 | 65,603 | ||
Intangible assets, net | 393,052 | 414,033 | ||
Cost in excess of net assets of companies acquired | 1,732,790 | [1] | 1,711,703 | [1] |
Other assets | 279,397 | 279,406 | ||
Total assets | 10,366,049 | 10,785,687 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable | 3,431,341 | 3,769,268 | ||
Accrued expenses | 617,796 | 776,586 | ||
Short-term borrowings, including current portion of long-term debt | 30,969 | 364,357 | ||
Total current liabilities | 4,080,106 | 4,910,211 | ||
Long-term debt | 1,913,852 | 1,587,478 | ||
Other liabilities | 338,726 | 300,636 | ||
Equity: | ||||
Issued - 125,424 shares in both 2013 and 2012 | 125,424 | 125,424 | ||
Capital in excess of par value | 1,058,833 | 1,086,239 | ||
Treasury stock (24,707 and 19,423 shares in 2013 and 2012, respectively), at cost | -877,118 | -652,867 | ||
Retained earnings | 3,543,878 | 3,279,289 | ||
Foreign currency translation adjustment | 211,585 | 182,632 | ||
Other | -33,745 | -37,495 | ||
Total shareholders' equity | 4,028,857 | 3,983,222 | ||
Noncontrolling interests | 4,508 | 4,140 | ||
Total equity | 4,033,365 | 3,987,362 | ||
Total liabilities and equity | $10,366,049 | $10,785,687 | ||
[1] | The total carrying value of cost in excess of net assets of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares Authorized | 160,000 | 160,000 |
Common Stock, Shares, Issued | 125,424 | 125,424 |
Treasury Stock, Shares | 24,707 | 19,423 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Cash flows from operating activities: | ||
Consolidated net income | $264,957 | $331,896 |
Adjustments to reconcile consolidated net income to net cash provided by operations: | ||
Depreciation and amortization | 96,540 | 84,904 |
Amortization of stock-based compensation | 24,247 | 24,861 |
Equity in earnings of affiliated companies | -5,227 | -5,766 |
Deferred income taxes | 15,311 | 17,966 |
Restructuring, integration, and other charges | 52,260 | 24,419 |
Excess tax benefits from stock-based compensation arrangements | -6,937 | -5,083 |
Loss on prepayment of debt | 2,627 | 0 |
Other | 182 | -4,340 |
Change in assets and liabilities, net of effects of acquired businesses: | ||
Accounts receivable | 386,542 | 235,512 |
Inventories | -94,180 | -99,523 |
Accounts payable | -361,349 | 31,915 |
Accrued expenses | -204,013 | -107,194 |
Other assets and liabilities | 64,685 | -42,284 |
Net cash provided by operating activities | 235,645 | 487,283 |
Cash flows from investing activities: | ||
Cash consideration paid for acquired businesses | -43,392 | -191,250 |
Acquisition of property, plant, and equipment | -85,465 | -75,574 |
Purchase of cost method investments | -3,000 | -15,000 |
Net cash used for investing activities | -131,857 | -281,824 |
Cash flows from financing activities: | ||
Change in short-term and other borrowings | -22,282 | 7,795 |
Repayment of long-term bank borrowings, net | -242,900 | -25,000 |
Net proceeds from note offering | 591,156 | 0 |
Redemption of senior notes | -338,184 | 0 |
Proceeds from exercise of stock options | 30,368 | 11,481 |
Excess tax benefits from stock-based compensation arrangements | 6,937 | 5,083 |
Repurchases of common stock | -312,613 | -222,795 |
Net cash used for financing activities | -287,518 | -223,436 |
Effect of exchange rate changes on cash | 25,836 | -20,360 |
Net decrease in cash and cash equivalents | -157,894 | -38,337 |
Cash and cash equivalents at beginning of period | 409,684 | 396,887 |
Cash and cash equivalents at end of period | $251,790 | $358,550 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation |
The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented. The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year. | |
These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's Form 10-Q for the quarterly periods ended June 29, 2013 and March 30, 2013, as well as the audited consolidated financial statements and accompanying notes for the year ended December 31, 2012, as filed in the company's Annual Report on Form 10-K. | |
During the third quarter of 2012, the company prospectively revised its presentation of sales related to certain fulfillment contracts to present these revenues on an agency basis as net fees, as compared to presenting gross sales and costs of sales in prior periods. This revised presentation had no impact on the company's consolidated balance sheet or statement of cash flows. Within the company's consolidated statement of operations, gross profit dollars, operating income dollars, net income dollars, and earnings per share were also not impacted for any periods reported. Prior to this prospective revision, these contracts approximated two percent of the company's sales for the first nine months of 2012. Management has concluded that the impact of this revised presentation is not material and, therefore, prior periods have not been adjusted. | |
Quarter End | |
The company operates on a quarterly reporting calendar that closes on the Saturday closest to the end of the calendar quarter. | |
Reclassification | |
Certain prior period amounts were reclassified to conform to the current period presentation. |
Impact_of_Recently_Issued_Acco
Impact of Recently Issued Accounting Standards | 9 Months Ended |
Sep. 28, 2013 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Impact of Recently Issued Accounting Standards |
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU No. 2013-11"). ASU No. 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with limited exceptions. ASU No. 2013-11 is effective for interim and annual periods beginning after December 15, 2013 and may be applied retrospectively. The adoption of the provisions of ASU No. 2013-11 is not expected to have a material impact on the company's financial position or results of operations. | |
In March 2013, the FASB issued Accounting Standards Update No. 2013-05, "Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity" ("ASU No. 2013-05"). ASU No. 2013-05 requires an entity that ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. ASU No. 2013-05 is effective for interim and annual periods beginning after December 15, 2013, with early adoption permitted and is to be applied prospectively. The adoption of the provisions of ASU No. 2013-05 is not expected to have a material impact on the company's financial position or results of operations. | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-04, "Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date" ("ASU No. 2013-04"). ASU No. 2013-04 provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, ASU No. 2013-04 requires an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. ASU No. 2013-04 is effective for interim and annual periods beginning after December 15, 2013 and is to be applied retrospectively. The adoption of the provisions of ASU No. 2013-04 is not expected to have a material impact on the company's financial position or results of operations. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 28, 2013 | |
Business Combinations [Abstract] | |
Acquisitions [Text Block] | Acquisitions |
The company accounts for acquisitions using the acquisition method of accounting. The results of operations of acquisitions are included in the company's consolidated results from their respective dates of acquisition. The company allocates the purchase price of each acquisition to the tangible assets, liabilities, and identifiable intangible assets acquired based on their estimated fair values. In certain circumstances, a portion of purchase price may be contingent upon the achievement of certain operating results. The fair values assigned to identifiable intangible assets acquired and contingent consideration were determined primarily by using an income approach which was based on assumptions and estimates made by management. Significant assumptions utilized in the income approach were based on company specific information and projections, which are not observable in the market and are thus considered Level 3 measurements by authoritative guidance (see Note H). The excess of the purchase price over the fair value of the identified assets and liabilities has been recorded as goodwill. Any change in the estimated fair value of the net assets prior to the finalization of the allocation for acquisitions could change the amount of the purchase price allocable to goodwill. The company is not aware of any information that indicates the final purchase price allocations will differ materially from the preliminary estimates. | |
Recently Completed Acquisition | |
On October 28, 2013, the company acquired CSS Computer Security Solutions Holding GmbH, doing business as ComputerLinks AG ("ComputerLinks") for a purchase price of approximately €230,000 (approximately $317,000) in cash. ComputerLinks is a value-added distributor of enterprise computing solutions with a comprehensive offering of IT solutions from many of the world's leading technology suppliers. ComputerLinks has operations in Europe, North America, the Middle East, and Asia. | |
2013 Acquisitions | |
During the first nine months of 2013, the company completed two acquisitions. The aggregate consideration for these acquisitions was $43,962, net of cash acquired, and included $570 of contingent consideration. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2013 acquisitions on the consolidated results of operations of the company for the third quarter and first nine months of 2013 and 2012 as though these acquisitions occurred on January 1, 2012 was also not material. | |
2012 Acquisitions | |
During 2012, the company completed seven acquisitions. The aggregate consideration for these seven acquisitions was $289,782, net of cash acquired and included $10,390 of contingent consideration. The impact of these acquisitions was not material, individually or in the aggregate, to the company's consolidated financial position or results of operations. The pro forma impact of the 2012 acquisitions on the consolidated results of operations of the company for the third quarter and first nine months of 2012 as though these acquisitions occurred on January 1, 2012 was also not material. | |
Other | |
During the first nine months of 2012, the company made a payment of $2,526 to increase its ownership interest in a majority-owned subsidiary. The payment was recorded as a reduction to capital in excess of par value, partially offset by the carrying value of the noncontrolling interest. |
Cost_in_Excess_of_Net_Assets_o
Cost in Excess of Net Assets of Companies Acquired | 9 Months Ended | ||||||||||||||
Sep. 28, 2013 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net | Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, Net | ||||||||||||||
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist. | |||||||||||||||
Cost in excess of net assets of companies acquired, allocated to the company's business segments, is as follows: | |||||||||||||||
Global | Global ECS | Total | |||||||||||||
Components | |||||||||||||||
Balance as of December 31, 2012 (a) | $ | 957,916 | $ | 753,787 | $ | 1,711,703 | |||||||||
Acquisitions | 22,179 | — | 22,179 | ||||||||||||
Foreign currency translation | (5,218 | ) | 4,126 | (1,092 | ) | ||||||||||
Balance as of September 28, 2013 (a) | $ | 974,877 | $ | 757,913 | $ | 1,732,790 | |||||||||
(a) | The total carrying value of cost in excess of net assets of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. | ||||||||||||||
Intangible assets, net, are comprised of the following as of September 28, 2013: | |||||||||||||||
Weighted-Average Life | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||
Trade names | indefinite | $ | 179,000 | $ | — | $ | 179,000 | ||||||||
Customer relationships | 11 years | 332,394 | (125,132 | ) | 207,262 | ||||||||||
Developed technology | 5 years | 10,106 | (3,762 | ) | 6,344 | ||||||||||
Other intangible assets | (b) | 2,568 | (2,122 | ) | 446 | ||||||||||
$ | 524,068 | $ | (131,016 | ) | $ | 393,052 | |||||||||
Intangible assets, net, are comprised of the following as of December 31, 2012: | |||||||||||||||
Weighted-Average Life | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||
Trade names | indefinite | $ | 179,000 | $ | — | $ | 179,000 | ||||||||
Customer relationships | 11 years | 325,509 | (100,172 | ) | 225,337 | ||||||||||
Developed technology | 5 years | 11,154 | (2,508 | ) | 8,646 | ||||||||||
Other intangible assets | (b) | 2,761 | (1,711 | ) | 1,050 | ||||||||||
$ | 518,424 | $ | (104,391 | ) | $ | 414,033 | |||||||||
(b) | Consists of non-competition agreements and sales backlog with useful lives ranging from one to three years. | ||||||||||||||
During the third quarters of 2013 and 2012, the company recorded amortization expense related to identifiable intangible assets of $8,936 ($7,074 net of related taxes or $.07 per share on both a basic and diluted basis) and $8,742 ($7,145 net of related taxes or $.07 per share on both a basic and diluted basis), respectively. | |||||||||||||||
During the first nine months of 2013 and 2012, the company recorded amortization expense related to identifiable intangible assets of $26,762 ($21,219 net of related taxes or $.21 and $.20 per share on a basic and diluted basis, respectively) and $27,372 ($22,081 net of related taxes or $.20 per share on both a basic and diluted basis), respectively. |
Investments_in_Affiliated_Comp
Investments in Affiliated Companies | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||
Investments in Affiliated Companies [Text Block] | Investments in Affiliated Companies | ||||||||||||||||
The company owns a 50% interest in several joint ventures with Marubun Corporation (collectively "Marubun/Arrow") and a 50% interest in Arrow Altech Holdings (Pty.) Ltd. ("Altech Industries"), a joint venture with Allied Technologies Limited. These investments are accounted for using the equity method. | |||||||||||||||||
The following table presents the company's investment in Marubun/Arrow and the company's investment and long-term note receivable in Altech Industries: | |||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Marubun/Arrow | $ | 53,668 | $ | 50,864 | |||||||||||||
Altech Industries | 12,779 | 14,739 | |||||||||||||||
$ | 66,447 | $ | 65,603 | ||||||||||||||
The equity in earnings of affiliated companies consists of the following: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Marubun/Arrow | $ | 1,534 | $ | 1,840 | $ | 4,362 | $ | 4,684 | |||||||||
Altech Industries | 350 | 314 | 865 | 1,082 | |||||||||||||
$ | 1,884 | $ | 2,154 | $ | 5,227 | $ | 5,766 | ||||||||||
Under the terms of various joint venture agreements, the company is required to pay its pro-rata share of the third party debt of the joint ventures in the event that the joint ventures are unable to meet their obligations. At September 28, 2013, the company's pro-rata share of this debt was approximately $600. The company believes that there is sufficient equity in each of the joint ventures to meet their obligations. |
Accounts_Receivable
Accounts Receivable | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Accounts Receivable [Text Block] | Accounts Receivable | ||||||||
Accounts receivable, net, consists of the following: | |||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accounts receivable | $ | 4,620,752 | $ | 4,978,136 | |||||
Allowances for doubtful accounts | (52,199 | ) | (54,238 | ) | |||||
Accounts receivable, net | $ | 4,568,553 | $ | 4,923,898 | |||||
The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. |
Debt
Debt | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt [Text Block] | Debt | ||||||||
Short-term borrowings, including current portion of long-term debt, consists of the following: | |||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
6.875% senior notes, due 2013 | $ | — | $ | 335,384 | |||||
Short-term borrowings in various countries | 30,969 | 28,973 | |||||||
$ | 30,969 | $ | 364,357 | ||||||
Short-term borrowings in various countries are primarily utilized to support the working capital requirements of certain international operations. The weighted average interest rate on these borrowings at September 28, 2013 and December 31, 2012 were 3.6% and 4.2%, respectively. | |||||||||
Long-term debt consists of the following: | |||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving credit facility | $ | 35,700 | $ | 123,600 | |||||
Asset securitization program | 70,000 | 225,000 | |||||||
3.375% notes, due 2015 | 255,686 | 257,732 | |||||||
6.875% senior debentures, due 2018 | 199,026 | 198,869 | |||||||
3.00% notes, due 2018 | 298,618 | — | |||||||
6.00% notes, due 2020 | 299,942 | 299,936 | |||||||
5.125% notes, due 2021 | 249,416 | 249,356 | |||||||
4.50% notes, due 2023 | 297,719 | — | |||||||
7.50% senior debentures, due 2027 | 198,135 | 198,030 | |||||||
Other obligations with various interest rates and due dates | 9,610 | 34,955 | |||||||
$ | 1,913,852 | $ | 1,587,478 | ||||||
The 7.50% senior debentures are not redeemable prior to their maturity. The 3.375% notes, 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, and 4.50% notes may be called at the option of the company subject to "make whole" clauses. | |||||||||
The estimated fair market value, using quoted market prices, is as follows: | |||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
6.875% senior notes, due 2013 | $ | — | $ | 342,000 | |||||
3.375% notes, due 2015 | 257,500 | 260,000 | |||||||
6.875% senior debentures, due 2018 | 230,000 | 236,000 | |||||||
3.00% notes, due 2018 | 300,000 | — | |||||||
6.00% notes, due 2020 | 330,000 | 342,000 | |||||||
5.125% notes, due 2021 | 262,500 | 272,500 | |||||||
4.50% notes, due 2023 | 297,000 | — | |||||||
7.50% senior debentures, due 2027 | 234,000 | 246,000 | |||||||
The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value. | |||||||||
In February 2013, the company completed the sale of $300,000 principal amount of 3.00% notes due in 2018 and $300,000 principal amount of 4.50% notes due in 2023. The net proceeds of the offering of $591,156 were used to refinance the company's 6.875% senior notes due July 2013 and for general corporate purposes. | |||||||||
In March 2013, the company redeemed $332,107 principal amount of its 6.875% senior notes due July 2013. The related loss on the redemption for the first nine months of 2013 aggregated $4,277 ($2,627 net of related taxes or $.03 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt. | |||||||||
The company has a $1,200,000 revolving credit facility, maturing in August 2016. This facility may be used by the company for general corporate purposes including working capital in the ordinary course of business, letters of credit, repayment, prepayment or purchase of long-term indebtedness and acquisitions, and as support for the company's commercial paper program, as applicable. Interest on borrowings under the revolving credit facility is calculated using a base rate or a euro currency rate plus a spread based on the company's credit ratings (1.275% at September 28, 2013), or an effective interest rate of 1.46% at September 28, 2013. The facility fee is .225%. The company had outstanding borrowings under the revolving credit facility of $35,700 and $123,600 at September 28, 2013 and December 31, 2012, respectively. | |||||||||
The company has a $775,000 asset securitization program collateralized by accounts receivable of certain of its United States subsidiaries, maturing in December 2014. The asset securitization program is conducted through Arrow Electronics Funding Corporation ("AFC"), a wholly-owned, bankruptcy remote subsidiary. The asset securitization program does not qualify for sale treatment. Accordingly, the accounts receivable and related debt obligation remain on the company's consolidated balance sheets. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread, which is based on the company's credit ratings (.40% at September 28, 2013), or an effective interest rate of .68% at September 28, 2013. The facility fee is .40%. | |||||||||
At September 28, 2013 and December 31, 2012, the company had $70,000 and $225,000, respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets, and total collateralized accounts receivable of approximately $1,506,382 and $1,610,946, respectively, were held by AFC and were included in "Accounts receivable, net" in the company's consolidated balance sheets. Any accounts receivable held by AFC would likely not be available to other creditors of the company in the event of bankruptcy or insolvency proceedings before repayment of any outstanding borrowings under the asset securitization program. | |||||||||
Both the revolving credit facility and asset securitization program include terms and conditions that limit the incurrence of additional borrowings, limit the company's ability to pay cash dividends or repurchase stock, and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of September 28, 2013 and is currently not aware of any events that would cause non-compliance with any covenants in the future. | |||||||||
Interest and other financing expense, net, includes interest and dividend income of $3,272 and $4,392 for the third quarter and first nine months of 2013 and $3,392 and $4,627 for the third quarter and first nine months of 2012, respectively. |
Financial_Instruments_Measured
Financial Instruments Measured at Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Instruments Measured At Fair Value [Text Block] | Financial Instruments Measured at Fair Value | ||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||
Level 2 | Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||
The following table presents assets (liabilities) measured at fair value on a recurring basis at September 28, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Available-for-sale securities | $ | 67,162 | $ | — | $ | — | $ | 67,162 | |||||||||
Foreign exchange contracts | — | (926 | ) | — | (926 | ) | |||||||||||
Contingent consideration | — | — | (1,813 | ) | (1,813 | ) | |||||||||||
$ | 67,162 | $ | (926 | ) | $ | (1,813 | ) | $ | 64,423 | ||||||||
The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2012: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Available-for-sale securities | $ | 67,903 | $ | — | $ | — | $ | 67,903 | |||||||||
Interest rate swaps | — | (10,832 | ) | — | (10,832 | ) | |||||||||||
Foreign exchange contracts | — | (107 | ) | — | (107 | ) | |||||||||||
Contingent consideration | — | — | (806 | ) | (806 | ) | |||||||||||
$ | 67,903 | $ | (10,939 | ) | $ | (806 | ) | $ | 56,158 | ||||||||
The following table summarizes the Level 3 activity for the first nine months of 2013: | |||||||||||||||||
Balance as of December 31, 2012 | $ | (806 | ) | ||||||||||||||
Fair value of contingent consideration recognized upon acquisition | (570 | ) | |||||||||||||||
Change in fair value of contingent consideration included in earnings | (437 | ) | |||||||||||||||
Balance as of September 28, 2013 | $ | (1,813 | ) | ||||||||||||||
The change in the fair value of contingent consideration is included in "Restructuring, integration, and other charges," in the company's consolidated statements of operations. | |||||||||||||||||
During the first nine months of 2013 and 2012, there were no transfers of assets (liabilities) measured at fair value between the three levels of the fair value hierarchy. | |||||||||||||||||
Available-For-Sale Securities | |||||||||||||||||
The company has an 8.4% equity ownership interest in Marubun Corporation ("Marubun"), a 1.9% equity ownership interest in WPG Holdings Co., Ltd. ("WPG"), and a portfolio of mutual funds with quoted market prices, all of which are accounted for as available-for-sale securities. | |||||||||||||||||
The fair value of the company's available-for-sale securities at September 28, 2013 is as follows: | |||||||||||||||||
Marubun | WPG | Mutual Funds | |||||||||||||||
Cost basis | $ | 10,016 | $ | 10,798 | $ | 15,397 | |||||||||||
Unrealized holding gain | 543 | 25,876 | 4,532 | ||||||||||||||
Fair value | $ | 10,559 | $ | 36,674 | $ | 19,929 | |||||||||||
The fair value of the company's available-for-sale securities at December 31, 2012 is as follows: | |||||||||||||||||
Marubun | WPG | Mutual Funds | |||||||||||||||
Cost basis | $ | 10,016 | $ | 10,798 | $ | 15,271 | |||||||||||
Unrealized holding gain | 85 | 29,784 | 1,949 | ||||||||||||||
Fair value | $ | 10,101 | $ | 40,582 | $ | 17,220 | |||||||||||
The fair value of these investments are included in "Other assets" in the company's consolidated balance sheets, and the related unrealized holding gains or losses are included in "Other" in the shareholders' equity section in the company's consolidated balance sheets. | |||||||||||||||||
Derivative Instruments | |||||||||||||||||
The company uses various financial instruments, including derivative instruments, for purposes other than trading. Certain derivative instruments are designated at inception as hedges and measured for effectiveness both at inception and on an ongoing basis. Derivative instruments not designated as hedges are marked-to-market each reporting period with any unrealized gains or losses recognized in earnings. | |||||||||||||||||
The fair values of derivative instruments in the company's consolidated balance sheets are as follows: | |||||||||||||||||
Asset (Liability) Derivatives | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance Sheet | September 28, | December 31, | |||||||||||||||
Location | 2013 | 2012 | |||||||||||||||
Derivative instruments designated as hedges: | |||||||||||||||||
Interest rate swaps designated as cash flow hedges | Accrued expenses | $ | — | $ | (10,832 | ) | |||||||||||
Foreign exchange contracts designated as cash flow hedges | Other current assets | 333 | 433 | ||||||||||||||
Foreign exchange contracts designated as cash flow hedges | Accrued expenses | (661 | ) | (45 | ) | ||||||||||||
Total derivative instruments designated as hedging instruments | (328 | ) | (10,444 | ) | |||||||||||||
Derivative instruments not designated as hedges: | |||||||||||||||||
Foreign exchange contracts | Other current assets | 1,227 | 1,561 | ||||||||||||||
Foreign exchange contracts | Accrued expenses | (1,825 | ) | (2,056 | ) | ||||||||||||
Total derivative instruments not designated as hedging instruments | (598 | ) | (495 | ) | |||||||||||||
Total | $ | (926 | ) | $ | (10,939 | ) | |||||||||||
The effect of derivative instruments on the company's consolidated statements of operations is as follows: | |||||||||||||||||
Gain (Loss) Recognized in Income | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivative instruments not designated as hedges: | |||||||||||||||||
Foreign exchange contracts (a) | $ | 51 | $ | (343 | ) | $ | (889 | ) | $ | (1,688 | ) | ||||||
Cash Flow Hedges | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
28-Sep-13 | 28-Sep-13 | ||||||||||||||||
Interest Rate Swaps (b) | Foreign Exchange Contracts (c) | Interest Rate Swaps (b) | Foreign Exchange Contracts (c) | ||||||||||||||
Effective portion: | |||||||||||||||||
Gain (loss) recognized in other comprehensive income | $ | — | $ | (253 | ) | $ | 3,132 | $ | (753 | ) | |||||||
Gain (loss) reclassified into income | $ | (157 | ) | $ | (48 | ) | $ | (379 | ) | $ | 432 | ||||||
Ineffective portion: | |||||||||||||||||
Gain (loss) recognized in income | $ | — | $ | — | $ | 292 | $ | — | |||||||||
Cash Flow Hedges | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
29-Sep-12 | 29-Sep-12 | ||||||||||||||||
Interest Rate Swaps (b) | Foreign Exchange Contracts (c) | Interest Rate Swaps (b) | Foreign Exchange Contracts (c) | ||||||||||||||
Effective portion: | |||||||||||||||||
Gain (loss) recognized in other comprehensive income | $ | (2,155 | ) | $ | 370 | $ | (8,234 | ) | $ | 606 | |||||||
Gain (loss) reclassified into income | $ | — | $ | 10 | $ | — | $ | (47 | ) | ||||||||
Ineffective portion: | |||||||||||||||||
Gain (loss) recognized in income | $ | — | $ | — | $ | — | $ | — | |||||||||
(a) | The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations. | ||||||||||||||||
(b) | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | ||||||||||||||||
(c) | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations. | ||||||||||||||||
Interest Rate Swaps | |||||||||||||||||
The company occasionally enters into interest rate swap transactions that convert certain fixed-rate debt to variable-rate debt or variable-rate debt to fixed-rate debt in order to manage its targeted mix of fixed- and floating-rate debt. The company uses the hypothetical derivative method to assess the effectiveness of its interest rate swaps on a quarterly basis. The effective portion of the change in the fair value of interest rate swaps designated as fair value hedges is recorded as a change to the carrying value of the related hedged debt, and the effective portion of the change in fair value of interest rate swaps designated as cash flow hedges is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Other." The ineffective portion of the interest rate swap, if any, is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | |||||||||||||||||
In September 2011, the company entered into a ten-year forward-starting interest rate swap (the "2011 swap") which locked in a treasury rate of 2.63% on an aggregate notional amount of $175,000. This swap managed the risk associated with changes in treasury rates and the impact of future interest payments. The 2011 swap related to the interest payments for anticipated debt issuances to replace the company's 6.875% senior notes due to mature in July 2013. The 2011 swap was classified as a cash flow hedge and had a negative fair value of $10,832 at December 31, 2012. In February 2013, the company paid $7,700 to terminate the 2011 swap upon issuance of the ten-year notes due in 2023. The fair value of the 2011 swap is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Other" and will be reclassified into income over the ten-year term of the notes due in 2023. During the third quarter and first nine months of 2013, the company reclassified $(157) and $(87), respectively, into income relating to the 2011 swap. | |||||||||||||||||
Foreign Exchange Contracts | |||||||||||||||||
The company enters into foreign exchange forward, option, or swap contracts (collectively, the "foreign exchange contracts") to mitigate the impact of changes in foreign currency exchange rates. These contracts are executed to facilitate the hedging of foreign currency exposures resulting from inventory purchases and sales and generally have terms of no more than six months. Gains or losses on these contracts are deferred and recognized when the underlying future purchase or sale is recognized or when the corresponding asset or liability is revalued. The company does not enter into foreign exchange contracts for trading purposes. The risk of loss on a foreign exchange contract is the risk of nonperformance by the counterparties, which the company minimizes by limiting its counterparties to major financial institutions. The fair value of the foreign exchange contracts are estimated using market quotes. The notional amount of the foreign exchange contracts at September 28, 2013 and December 31, 2012 was $361,944 and $425,053, respectively. | |||||||||||||||||
Contingent Consideration | |||||||||||||||||
In connection with one of the 2013 acquisitions, payment of a portion of the respective purchase price is contingent upon the achievement of certain operating results, with a maximum possible payout of $5,400 which would be due at the end of a three-year period. Additionally, in connection with one of the 2012 acquisitions, payment of a portion of the respective purchase price is contingent upon the achievement of certain operating results, with a maximum possible payout of $18,000 over a three-year period. The company estimated the fair value of the contingent consideration as the present value of the expected contingent payments, determined using the weighted probabilities of the possible payments. The company reassesses the fair value of the contingent consideration on a quarterly basis. Contingent consideration of $1,813 and $806 was included in "Other liabilities" in the company's consolidated balance sheets as of September 28, 2013 and December 31, 2012, respectively. A twenty percent increase or decrease in projected operating performance over the remaining performance period would not result in a material change in the fair value of the contingent consideration recorded as of September 28, 2013. | |||||||||||||||||
Other | |||||||||||||||||
The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable approximate their fair value due to the short maturities of these financial instruments. |
Restructuring_Integration_and_
Restructuring, Integration, and Other Charges | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||
Restructuring, Integration and Other Charges [Text Block] | Restructuring, Integration, and Other Charges | ||||||||||||||||
During the third quarters of 2013 and 2012, the company recorded restructuring, integration, and other charges of $22,568 ($16,077 net of related taxes or $.16 per share on both a basic and diluted basis) and $14,562 ($8,576 net of related taxes or $.08 per share on both a basic and diluted basis), respectively. | |||||||||||||||||
During the first nine months of 2013 and 2012, the company recorded restructuring, integration, and other charges of $74,402 ($52,260 net of related taxes or $.51 and $.50 per share on a basic and diluted basis, respectively) and $36,152 ($24,419 net of related taxes or $.22 per share on both a basic and diluted basis), respectively. | |||||||||||||||||
The following table presents the components of the restructuring, integration, and other charges: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Restructuring charges - current period actions | $ | 20,007 | $ | 15,151 | $ | 65,871 | $ | 29,998 | |||||||||
Restructuring and integration charges - actions taken in prior periods | 34 | 655 | 955 | 1,082 | |||||||||||||
Acquisition-related expenses (credits) | 2,527 | (1,244 | ) | 7,576 | 5,072 | ||||||||||||
$ | 22,568 | $ | 14,562 | $ | 74,402 | $ | 36,152 | ||||||||||
2013 Restructuring Charge | |||||||||||||||||
The following table presents the components of the 2013 restructuring charge of $65,871 and activity in the related restructuring accrual for the first nine months of 2013: | |||||||||||||||||
Personnel | Facilities | Other | Total | ||||||||||||||
Costs | |||||||||||||||||
Restructuring charge | $ | 56,561 | $ | 8,415 | $ | 895 | $ | 65,871 | |||||||||
Payments | (32,334 | ) | (3,696 | ) | — | (36,030 | ) | ||||||||||
Non-cash usage | — | — | (753 | ) | (753 | ) | |||||||||||
Foreign currency translation | 643 | 65 | — | 708 | |||||||||||||
Balance as of September 28, 2013 | $ | 24,870 | $ | 4,784 | $ | 142 | $ | 29,796 | |||||||||
The restructuring charge of $65,871 for the first nine months of 2013 includes personnel costs of $56,561, facilities costs of $8,415, and other costs of $895. The personnel costs are related to the elimination of approximately 770 positions within the global components business segment and approximately 250 positions within the global ECS business segment. The facilities costs are related to exit activities for 31 vacated facilities worldwide due to the company's continued efforts to streamline its operations and reduce real estate costs. These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. | |||||||||||||||||
2012 Restructuring Charge | |||||||||||||||||
The following table presents the activity in the restructuring accrual for the first nine months of 2013 related to the 2012 restructuring: | |||||||||||||||||
Personnel | Facilities | Total | |||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2012 | $ | 10,501 | $ | 4,442 | $ | 14,943 | |||||||||||
Restructuring charge (credit) | 790 | (489 | ) | 301 | |||||||||||||
Payments | (9,290 | ) | (2,336 | ) | (11,626 | ) | |||||||||||
Foreign currency translation | (15 | ) | (78 | ) | (93 | ) | |||||||||||
Balance as of September 28, 2013 | $ | 1,986 | $ | 1,539 | $ | 3,525 | |||||||||||
Restructuring Accruals Related to Actions Taken Prior to 2012 | |||||||||||||||||
The following table presents the activity in the restructuring accruals for the first nine months of 2013 related to restructuring actions taken prior to 2012: | |||||||||||||||||
Personnel | Facilities | Total | |||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2012 | $ | 1,408 | $ | 3,863 | $ | 5,271 | |||||||||||
Restructuring charges (credits) | (141 | ) | 795 | 654 | |||||||||||||
Payments | (333 | ) | (1,738 | ) | (2,071 | ) | |||||||||||
Foreign currency translation | 19 | (5 | ) | 14 | |||||||||||||
Balance as of September 28, 2013 | $ | 953 | $ | 2,915 | $ | 3,868 | |||||||||||
Restructuring Accrual Summary | |||||||||||||||||
In summary, the restructuring accruals aggregate $37,189 at September 28, 2013, all of which are expected to be spent in cash, and are expected to be utilized as follows: | |||||||||||||||||
• | The accruals for personnel costs totaling $27,809 to cover the termination of personnel are primarily expected to be spent within one year. | ||||||||||||||||
• | The accruals for facilities totaling $9,238 relate to vacated leased properties that have scheduled payments of $4,464 in 2013, $3,051 in 2014, $941 in 2015, $572 in 2016, $151 in 2017, and $59 thereafter. | ||||||||||||||||
• | Other accruals of $142 is expected to be spent within one year. | ||||||||||||||||
Acquisition-Related Expenses (Credits) | |||||||||||||||||
Included in restructuring, integration, and other charges for the third quarter and first nine months of 2013 are acquisition-related expenses of $2,527 and $7,576, respectively, primarily consisting of changes in the fair value of contingent consideration for acquisitions completed in prior years which were conditional upon the financial performance of the acquired companies and the continued employment of the selling shareholders, as well as professional fees directly related to recent acquisition activity. | |||||||||||||||||
Included in restructuring, integration, and other charges for the third quarter and first nine months of 2012 are acquisition-related expenses (credits) of $(1,244) and $5,072, respectively. Acquisition-related expenses (credits) primarily consist of changes in fair value of contingent consideration for acquisitions completed in prior years which were conditional upon the financial performance of the acquired companies and the continued employment of the selling shareholders, as well as professional fees directly related to recent acquisition activity, net of adjustments for contingent consideration of $(5,091) and $(4,325) for the third quarter and first nine months of 2012, respectively. |
Net_Income_per_Share
Net Income per Share | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net Income per Share [Text Block] | Net Income per Share | ||||||||||||||||
The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands): | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to shareholders | $ | 96,779 | $ | 103,617 | $ | 264,589 | $ | 331,628 | |||||||||
Weighted average shares outstanding - basic | 100,750 | 108,301 | 103,269 | 110,245 | |||||||||||||
Net effect of various dilutive stock-based compensation awards | 919 | 1,593 | 1,157 | 1,851 | |||||||||||||
Weighted average shares outstanding - diluted | 101,669 | 109,894 | 104,426 | 112,096 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.96 | $ | 0.96 | $ | 2.56 | $ | 3.01 | |||||||||
Diluted (a) | $ | 0.95 | $ | 0.94 | $ | 2.53 | $ | 2.96 | |||||||||
(a) | Stock-based compensation awards for the issuance of 831 and 871 shares for the third quarter and first nine months of 2013 and 1,789 and 1,403 shares for the third quarter and first nine months of 2012, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||
Stockholders' Equity [Text Block] | Shareholders' Equity | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
The following table presents the changes in the balances of each component of accumulated other comprehensive income: | |||||||||||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Investment Securities, Net | Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net | Employee Benefit Plan Items, Net | Total | |||||||||||||||||
Balance as of December 31, 2012 | $ | 182,632 | $ | 19,617 | $ | (6,669 | ) | $ | (50,443 | ) | $ | 145,137 | |||||||||
Other comprehensive income (loss) before reclassifications (a) | (65,918 | ) | (1,978 | ) | 1,923 | 4 | (65,969 | ) | |||||||||||||
Amounts reclassified into income | (252 | ) | — | (179 | ) | 795 | 364 | ||||||||||||||
Net other comprehensive income (loss) for the quarter ended March 30, 2013 | (66,170 | ) | (1,978 | ) | 1,744 | 799 | (65,605 | ) | |||||||||||||
Balance as of March 30, 2013 | 116,462 | 17,639 | (4,925 | ) | (49,644 | ) | 79,532 | ||||||||||||||
Other comprehensive income before reclassifications (a) | 14,539 | 581 | — | 46 | 15,166 | ||||||||||||||||
Amounts reclassified into income | (228 | ) | — | 137 | 717 | 626 | |||||||||||||||
Net other comprehensive income for the quarter ended June 29, 2013 | 14,311 | 581 | 137 | 763 | 15,792 | ||||||||||||||||
Balance as of June 29, 2013 | 130,773 | 18,220 | (4,788 | ) | (48,881 | ) | 95,324 | ||||||||||||||
Other comprehensive income before reclassifications (a) | 80,764 | 864 | — | 27 | 81,655 | ||||||||||||||||
Amounts reclassified into income | 48 | — | 96 | 717 | 861 | ||||||||||||||||
Net other comprehensive income for the quarter ended September 28, 2013 | 80,812 | 864 | 96 | 744 | 82,516 | ||||||||||||||||
Balance as of September 28, 2013 | $ | 211,585 | $ | 19,084 | $ | (4,692 | ) | $ | (48,137 | ) | $ | 177,840 | |||||||||
Total net other comprehensive income (loss) for the nine months ended | $ | 28,953 | $ | (533 | ) | $ | 1,977 | $ | 2,306 | $ | 32,703 | ||||||||||
28-Sep-13 | |||||||||||||||||||||
(a) | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $4,622, $(13,224), and $(6,365) for the first, second, and third quarters of 2013, respectively. | ||||||||||||||||||||
Share-Repurchase Programs | |||||||||||||||||||||
In February 2013, the company's Board of Directors (the "Board") approved the repurchase of up to $200,000 of the company's common stock through a share-repurchase program. In July 2013, the company's Board approved an additional repurchase of up to $200,000 of the company's common stock. As of September 28, 2013, the company repurchased 5,064,464 shares under these programs with a market value of $198,572 at the dates of repurchase. |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Benefit Plans [Text Block] | Employee Benefit Plans | ||||||||||||||||
The company maintains supplemental executive retirement plans and a defined benefit plan. The components of the net periodic benefit costs for these plans are as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net periodic benefit costs: | |||||||||||||||||
Service cost | $ | 532 | $ | 516 | $ | 1,596 | $ | 1,548 | |||||||||
Interest cost | 2,026 | 2,201 | 6,078 | 6,603 | |||||||||||||
Expected return on plan assets | (1,629 | ) | (1,509 | ) | (4,887 | ) | (4,527 | ) | |||||||||
Amortization of unrecognized net loss | 1,157 | 951 | 3,471 | 2,853 | |||||||||||||
Amortization of prior service cost | 11 | 11 | 33 | 33 | |||||||||||||
Net periodic benefit costs | $ | 2,097 | $ | 2,170 | $ | 6,291 | $ | 6,510 | |||||||||
Contingencies
Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies [Text Block] | Contingencies |
Environmental Matters | |
In connection with the purchase of Wyle Electronics ("Wyle") in August 2000, the company acquired certain of the then outstanding obligations of Wyle, including Wyle's indemnification obligations to the purchasers of its Wyle Laboratories division for environmental clean-up costs associated with any then existing contamination or violation of environmental regulations. Under the terms of the company's purchase of Wyle from the sellers, the sellers agreed to indemnify the company for certain costs associated with the Wyle environmental obligations, among other things. During the fourth quarter of 2012, the company entered into a settlement agreement with the sellers pursuant to which the sellers paid $110,000 and the company released the sellers from their indemnification obligation. As part of the settlement agreement the company accepted responsibility for any potential subsequent costs incurred related to the Wyle matters. The company is aware of two Wyle Laboratories facilities (in Huntsville, Alabama and Norco, California) at which contaminated groundwater was identified and will require environmental remediation. In addition, the company was named as a defendant in several lawsuits related to the Norco facility and a third site in El Segundo, California which have now been settled to the satisfaction of the parties. | |
The company expects these environmental liabilities to be resolved over an extended period of time. Costs are recorded for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accruals for environmental liabilities are adjusted periodically as facts and circumstances change, assessment and remediation efforts progress, or as additional technical or legal information becomes available. Environmental liabilities are difficult to assess and estimate due to various unknown factors such as the timing and extent of remediation, improvements in remediation technologies, and the extent to which environmental laws and regulations may change in the future. Accordingly the company cannot presently fully estimate the ultimate potential costs related to these sites until such time as a substantial portion of the investigation at the sites is completed and remedial action plans are developed and, in some instances implemented. To the extent that future environmental costs exceed amounts currently accrued by the company, net income would be adversely impacted and such impact could be material. | |
Accruals for environmental liabilities are included in "Accrued expenses" and "Other liabilities" in the company's consolidated balance sheets. | |
As successor-in-interest to Wyle, the company is the beneficiary of various Wyle insurance policies that covered liabilities arising out of operations at Norco and Huntsville. To date, the company has recovered approximately $33,000 from certain insurance carriers. The company continues to seek recovery from an umbrella liability policy carrier for its proportional share of the total Norco liability. The company is considering the best way to pursue its potential claims against insurers regarding liabilities arising out of operations at Huntsville. The resolution of these matters could likely take several years. The company has not recorded a receivable for any potential future insurance recoveries related to the Norco and Huntsville environmental matters, as the realization of the claims for recovery are not deemed probable at this time. | |
The company believes the settlement amount together with potential recoveries from various insurance policies covering environmental remediation and related litigation will be sufficient to cover any potential future costs related to the Wyle acquisition; however, it is possible unexpected costs beyond those anticipated could occur. | |
Environmental Matters - Huntsville | |
Characterization of the extent of contaminated soil and groundwater continues at the site in Huntsville, Alabama. Under the direction of the Alabama Department of Environmental Management, approximately $4,000 was spent to date. The pace of the ongoing remedial investigations, project management, and regulatory oversight is likely to increase somewhat and though the complete scope of the activities is not yet known, the company currently estimates additional investigative and related expenditures at the site of approximately $500 to $750. The nature and scope of both feasibility studies and subsequent remediation at the site has not yet been determined, but assuming the outcome includes source control and certain other measures, the cost is estimated to be between $3,000 and $4,000. | |
Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work is not yet known, and, accordingly, the associated costs have yet to be determined. | |
Environmental Matters - Norco | |
In October 2003, the company entered into a consent decree with Wyle Laboratories and the California Department of Toxic Substance Control (the "DTSC") in connection with the Norco site. In April 2005, a Remedial Investigation Work Plan was approved by DTSC that provided for site-wide characterization of known and potential environmental issues. Investigations performed in connection with this work plan and a series of subsequent technical memoranda continued until the filing of a final Remedial Investigation Report early in 2008. Work is under way pertaining to the remediation of contaminated groundwater at certain areas on the Norco site and of soil gas in a limited area immediately adjacent to the site. In 2008, a hydraulic containment system was installed to capture and treat groundwater before it moves into the adjacent offsite area. In September 2013, the DTSC approved the final Remedial Action Plan ("RAP") and work is currently progressing under the RAP. The approval of the RAP includes the potential for additional remediation action after the five year review of the hydraulic containment system if the review finds that contaminants have not been sufficiently reduced in the offsite area. | |
Approximately $44,000 was spent to date on remediation, project management, regulatory oversight, and investigative and feasibility study activities. The company currently estimates that these activities will give rise to an additional $18,000 to $24,900. Project management and regulatory oversight include costs incurred by project consultants for project management and costs billed by DTSC to provide regulatory oversight. | |
Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work under the RAP is not yet known, and, accordingly, the associated costs have yet to be determined. | |
Tekelec Matter | |
In 2000, the company purchased Tekelec Europe SA ("Tekelec") from Tekelec Airtronic SA and certain other selling shareholders. Subsequent to the closing of the acquisition, Tekelec received a product liability claim in the amount of €11,333. The product liability claim was the subject of a French legal proceeding started by the claimant in 2002, under which separate determinations were made as to whether the products that are subject to the claim were defective and the amount of damages sustained by the purchaser. The manufacturer of the products also participated in this proceeding. The claimant commenced legal proceedings against Tekelec and its insurers to recover damages in the amount of €3,742 and expenses of €312 plus interest. In May 2012, the French court ruled in favor of Tekelec and dismissed the plaintiff's claims. However, that decision has been appealed by the plaintiff. The company believes that any amount in addition to the amount accrued by the company would not materially adversely impact the company's consolidated financial position, liquidity, or results of operations. | |
Other | |
From time to time, in the normal course of business, the company may become liable with respect to other pending and threatened litigation, environmental, regulatory, labor, product, and tax matters. While such matters are subject to inherent uncertainties, it is not currently anticipated that any such matters will materially impact the company's consolidated financial position, liquidity, or results of operations. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment and Geographic Information [Text Block] | Segment and Geographic Information | ||||||||||||||||
The company is a global provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The company distributes electronic components to original equipment manufacturers and contract manufacturers through its global components business segment and provides enterprise computing solutions to value-added resellers through its global ECS business segment. As a result of the company's philosophy of maximizing operating efficiencies through the centralization of certain functions, selected fixed assets and related depreciation, as well as borrowings, are not directly attributable to the individual operating segments and are included in the corporate business segment. | |||||||||||||||||
Sales and operating income (loss), by segment, are as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Sales: | |||||||||||||||||
Global components | $ | 3,467,285 | $ | 3,372,117 | $ | 10,058,555 | $ | 10,175,358 | |||||||||
Global ECS | 1,580,926 | 1,590,214 | 5,145,370 | 4,827,065 | |||||||||||||
Consolidated | $ | 5,048,211 | $ | 4,962,331 | $ | 15,203,925 | $ | 15,002,423 | |||||||||
Operating income (loss): | |||||||||||||||||
Global components | $ | 164,096 | $ | 155,061 | $ | 432,534 | $ | 496,293 | |||||||||
Global ECS | 59,757 | 55,273 | 202,070 | 176,721 | |||||||||||||
Corporate (a) | (61,117 | ) | (46,517 | ) | (178,441 | ) | (133,059 | ) | |||||||||
Consolidated | $ | 162,736 | $ | 163,817 | $ | 456,163 | $ | 539,955 | |||||||||
(a) | Includes restructuring, integration, and other charges of $22,568 and $74,402 for the third quarter and first nine months of 2013 and $14,562 and $36,152 for the third quarter and first nine months of 2012, respectively. | ||||||||||||||||
Total assets, by segment, are as follows: | |||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Global components | $ | 6,873,955 | $ | 6,467,123 | |||||||||||||
Global ECS | 2,858,255 | 3,685,100 | |||||||||||||||
Corporate | 633,839 | 633,464 | |||||||||||||||
Consolidated | $ | 10,366,049 | $ | 10,785,687 | |||||||||||||
Sales, by geographic area, are as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Americas (b) | $ | 2,621,398 | $ | 2,562,485 | $ | 7,868,170 | $ | 7,797,971 | |||||||||
EMEA (c) | 1,355,152 | 1,322,837 | 4,287,446 | 4,341,158 | |||||||||||||
Asia/Pacific | 1,071,661 | 1,077,009 | 3,048,309 | 2,863,294 | |||||||||||||
Consolidated | $ | 5,048,211 | $ | 4,962,331 | $ | 15,203,925 | $ | 15,002,423 | |||||||||
(b) | Includes sales related to the United States of $2,405,238 and $7,212,401 for the third quarter and first nine months of 2013 and $2,370,154 and $7,164,717 for the third quarter and first nine months of 2012, respectively. | ||||||||||||||||
(c) | Defined as Europe, the Middle East, and Africa. | ||||||||||||||||
Net property, plant, and equipment, by geographic area, is as follows: | |||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Americas (d) | $ | 522,039 | $ | 512,775 | |||||||||||||
EMEA | 74,007 | 65,947 | |||||||||||||||
Asia/Pacific | 20,499 | 20,919 | |||||||||||||||
Consolidated | $ | 616,545 | $ | 599,641 | |||||||||||||
(d) | Includes net property, plant, and equipment related to the United States of $520,485 and $511,555 at September 28, 2013 and December 31, 2012, respectively. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |
Sep. 28, 2013 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Accounting Policy | The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented. The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year. | |
These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's Form 10-Q for the quarterly periods ended June 29, 2013 and March 30, 2013, as well as the audited consolidated financial statements and accompanying notes for the year ended December 31, 2012, as filed in the company's Annual Report on Form 10-K. | ||
During the third quarter of 2012, the company prospectively revised its presentation of sales related to certain fulfillment contracts to present these revenues on an agency basis as net fees, as compared to presenting gross sales and costs of sales in prior periods. This revised presentation had no impact on the company's consolidated balance sheet or statement of cash flows. Within the company's consolidated statement of operations, gross profit dollars, operating income dollars, net income dollars, and earnings per share were also not impacted for any periods reported. Prior to this prospective revision, these contracts approximated two percent of the company's sales for the first nine months of 2012. Management has concluded that the impact of this revised presentation is not material and, therefore, prior periods have not been adjusted. | ||
Fiscal Period Policy | The company operates on a quarterly reporting calendar that closes on the Saturday closest to the end of the calendar quarter. | |
Comparability of Prior Year Financial Data Policy | Certain prior period amounts were reclassified to conform to the current period presentation. | |
Goodwill and Intangible Assets Policy | Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist. | |
Allowance for Doubtful Accounts Policy | The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments.B The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. | |
Fair Value of Debt Policy | The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value. | |
Fair Value of Financial Instruments Policy | Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: | |
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
Level 2 | Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. | |
Level 3 | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. |
Cost_in_Excess_of_Net_Assets_o1
Cost in Excess of Net Assets of Companies Acquired (Tables) | 9 Months Ended | ||||||||||||||
Sep. 28, 2013 | |||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||
Schedule of Goodwill [Text Block] | Cost in excess of net assets of companies acquired, allocated to the company's business segments, is as follows: | ||||||||||||||
Global | Global ECS | Total | |||||||||||||
Components | |||||||||||||||
Balance as of December 31, 2012 (a) | $ | 957,916 | $ | 753,787 | $ | 1,711,703 | |||||||||
Acquisitions | 22,179 | — | 22,179 | ||||||||||||
Foreign currency translation | (5,218 | ) | 4,126 | (1,092 | ) | ||||||||||
Balance as of September 28, 2013 (a) | $ | 974,877 | $ | 757,913 | $ | 1,732,790 | |||||||||
(a) | The total carrying value of cost in excess of net assets of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. | ||||||||||||||
Intangible Assets Disclosure [Text Block] | Intangible assets, net, are comprised of the following as of September 28, 2013: | ||||||||||||||
Weighted-Average Life | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||
Trade names | indefinite | $ | 179,000 | $ | — | $ | 179,000 | ||||||||
Customer relationships | 11 years | 332,394 | (125,132 | ) | 207,262 | ||||||||||
Developed technology | 5 years | 10,106 | (3,762 | ) | 6,344 | ||||||||||
Other intangible assets | (b) | 2,568 | (2,122 | ) | 446 | ||||||||||
$ | 524,068 | $ | (131,016 | ) | $ | 393,052 | |||||||||
Intangible assets, net, are comprised of the following as of December 31, 2012: | |||||||||||||||
Weighted-Average Life | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||
Trade names | indefinite | $ | 179,000 | $ | — | $ | 179,000 | ||||||||
Customer relationships | 11 years | 325,509 | (100,172 | ) | 225,337 | ||||||||||
Developed technology | 5 years | 11,154 | (2,508 | ) | 8,646 | ||||||||||
Other intangible assets | (b) | 2,761 | (1,711 | ) | 1,050 | ||||||||||
$ | 518,424 | $ | (104,391 | ) | $ | 414,033 | |||||||||
(b) | Consists of non-competition agreements and sales backlog with useful lives ranging from one to three years. |
Investments_in_Affiliated_Comp1
Investments in Affiliated Companies (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||
Equity Method Investments [Text Block] | The following table presents the company's investment in Marubun/Arrow and the company's investment and long-term note receivable in Altech Industries: | ||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Marubun/Arrow | $ | 53,668 | $ | 50,864 | |||||||||||||
Altech Industries | 12,779 | 14,739 | |||||||||||||||
$ | 66,447 | $ | 65,603 | ||||||||||||||
Equity in Earnings of Affiliated Companies [Text Block] | The equity in earnings of affiliated companies consists of the following: | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Marubun/Arrow | $ | 1,534 | $ | 1,840 | $ | 4,362 | $ | 4,684 | |||||||||
Altech Industries | 350 | 314 | 865 | 1,082 | |||||||||||||
$ | 1,884 | $ | 2,154 | $ | 5,227 | $ | 5,766 | ||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Accounts receivable, net, consists of the following: | ||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accounts receivable | $ | 4,620,752 | $ | 4,978,136 | |||||
Allowances for doubtful accounts | (52,199 | ) | (54,238 | ) | |||||
Accounts receivable, net | $ | 4,568,553 | $ | 4,923,898 | |||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings, including current portion of long-term debt, consists of the following: | ||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
6.875% senior notes, due 2013 | $ | — | $ | 335,384 | |||||
Short-term borrowings in various countries | 30,969 | 28,973 | |||||||
$ | 30,969 | $ | 364,357 | ||||||
Schedule of Long-term Debt Instruments [Text Block] | Long-term debt consists of the following: | ||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
Revolving credit facility | $ | 35,700 | $ | 123,600 | |||||
Asset securitization program | 70,000 | 225,000 | |||||||
3.375% notes, due 2015 | 255,686 | 257,732 | |||||||
6.875% senior debentures, due 2018 | 199,026 | 198,869 | |||||||
3.00% notes, due 2018 | 298,618 | — | |||||||
6.00% notes, due 2020 | 299,942 | 299,936 | |||||||
5.125% notes, due 2021 | 249,416 | 249,356 | |||||||
4.50% notes, due 2023 | 297,719 | — | |||||||
7.50% senior debentures, due 2027 | 198,135 | 198,030 | |||||||
Other obligations with various interest rates and due dates | 9,610 | 34,955 | |||||||
$ | 1,913,852 | $ | 1,587,478 | ||||||
Schedule of Fair Value of Debt [Text Block] | The estimated fair market value, using quoted market prices, is as follows: | ||||||||
September 28, | December 31, | ||||||||
2013 | 2012 | ||||||||
6.875% senior notes, due 2013 | $ | — | $ | 342,000 | |||||
3.375% notes, due 2015 | 257,500 | 260,000 | |||||||
6.875% senior debentures, due 2018 | 230,000 | 236,000 | |||||||
3.00% notes, due 2018 | 300,000 | — | |||||||
6.00% notes, due 2020 | 330,000 | 342,000 | |||||||
5.125% notes, due 2021 | 262,500 | 272,500 | |||||||
4.50% notes, due 2023 | 297,000 | — | |||||||
7.50% senior debentures, due 2027 | 234,000 | 246,000 | |||||||
Financial_Instruments_Measured1
Financial Instruments Measured at Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis Table [Text Block] | The following table presents assets (liabilities) measured at fair value on a recurring basis at September 28, 2013: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Available-for-sale securities | $ | 67,162 | $ | — | $ | — | $ | 67,162 | |||||||||
Foreign exchange contracts | — | (926 | ) | — | (926 | ) | |||||||||||
Contingent consideration | — | — | (1,813 | ) | (1,813 | ) | |||||||||||
$ | 67,162 | $ | (926 | ) | $ | (1,813 | ) | $ | 64,423 | ||||||||
The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2012: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Available-for-sale securities | $ | 67,903 | $ | — | $ | — | $ | 67,903 | |||||||||
Interest rate swaps | — | (10,832 | ) | — | (10,832 | ) | |||||||||||
Foreign exchange contracts | — | (107 | ) | — | (107 | ) | |||||||||||
Contingent consideration | — | — | (806 | ) | (806 | ) | |||||||||||
$ | 67,903 | $ | (10,939 | ) | $ | (806 | ) | $ | 56,158 | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the Level 3 activity for the first nine months of 2013: | ||||||||||||||||
Balance as of December 31, 2012 | $ | (806 | ) | ||||||||||||||
Fair value of contingent consideration recognized upon acquisition | (570 | ) | |||||||||||||||
Change in fair value of contingent consideration included in earnings | (437 | ) | |||||||||||||||
Balance as of September 28, 2013 | $ | (1,813 | ) | ||||||||||||||
Available-for-sale Securities [Text Block] | The fair value of the company's available-for-sale securities at September 28, 2013 is as follows: | ||||||||||||||||
Marubun | WPG | Mutual Funds | |||||||||||||||
Cost basis | $ | 10,016 | $ | 10,798 | $ | 15,397 | |||||||||||
Unrealized holding gain | 543 | 25,876 | 4,532 | ||||||||||||||
Fair value | $ | 10,559 | $ | 36,674 | $ | 19,929 | |||||||||||
The fair value of the company's available-for-sale securities at December 31, 2012 is as follows: | |||||||||||||||||
Marubun | WPG | Mutual Funds | |||||||||||||||
Cost basis | $ | 10,016 | $ | 10,798 | $ | 15,271 | |||||||||||
Unrealized holding gain | 85 | 29,784 | 1,949 | ||||||||||||||
Fair value | $ | 10,101 | $ | 40,582 | $ | 17,220 | |||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block] | The fair values of derivative instruments in the company's consolidated balance sheets are as follows: | ||||||||||||||||
Asset (Liability) Derivatives | |||||||||||||||||
Fair Value | |||||||||||||||||
Balance Sheet | September 28, | December 31, | |||||||||||||||
Location | 2013 | 2012 | |||||||||||||||
Derivative instruments designated as hedges: | |||||||||||||||||
Interest rate swaps designated as cash flow hedges | Accrued expenses | $ | — | $ | (10,832 | ) | |||||||||||
Foreign exchange contracts designated as cash flow hedges | Other current assets | 333 | 433 | ||||||||||||||
Foreign exchange contracts designated as cash flow hedges | Accrued expenses | (661 | ) | (45 | ) | ||||||||||||
Total derivative instruments designated as hedging instruments | (328 | ) | (10,444 | ) | |||||||||||||
Derivative instruments not designated as hedges: | |||||||||||||||||
Foreign exchange contracts | Other current assets | 1,227 | 1,561 | ||||||||||||||
Foreign exchange contracts | Accrued expenses | (1,825 | ) | (2,056 | ) | ||||||||||||
Total derivative instruments not designated as hedging instruments | (598 | ) | (495 | ) | |||||||||||||
Total | $ | (926 | ) | $ | (10,939 | ) | |||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | The effect of derivative instruments on the company's consolidated statements of operations is as follows: | ||||||||||||||||
Gain (Loss) Recognized in Income | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Derivative instruments not designated as hedges: | |||||||||||||||||
Foreign exchange contracts (a) | $ | 51 | $ | (343 | ) | $ | (889 | ) | $ | (1,688 | ) | ||||||
Cash Flow Hedges | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
28-Sep-13 | 28-Sep-13 | ||||||||||||||||
Interest Rate Swaps (b) | Foreign Exchange Contracts (c) | Interest Rate Swaps (b) | Foreign Exchange Contracts (c) | ||||||||||||||
Effective portion: | |||||||||||||||||
Gain (loss) recognized in other comprehensive income | $ | — | $ | (253 | ) | $ | 3,132 | $ | (753 | ) | |||||||
Gain (loss) reclassified into income | $ | (157 | ) | $ | (48 | ) | $ | (379 | ) | $ | 432 | ||||||
Ineffective portion: | |||||||||||||||||
Gain (loss) recognized in income | $ | — | $ | — | $ | 292 | $ | — | |||||||||
Cash Flow Hedges | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
29-Sep-12 | 29-Sep-12 | ||||||||||||||||
Interest Rate Swaps (b) | Foreign Exchange Contracts (c) | Interest Rate Swaps (b) | Foreign Exchange Contracts (c) | ||||||||||||||
Effective portion: | |||||||||||||||||
Gain (loss) recognized in other comprehensive income | $ | (2,155 | ) | $ | 370 | $ | (8,234 | ) | $ | 606 | |||||||
Gain (loss) reclassified into income | $ | — | $ | 10 | $ | — | $ | (47 | ) | ||||||||
Ineffective portion: | |||||||||||||||||
Gain (loss) recognized in income | $ | — | $ | — | $ | — | $ | — | |||||||||
(a) | The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations. | ||||||||||||||||
(b) | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | ||||||||||||||||
(c) | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations. |
Restructuring_Integration_and_1
Restructuring, Integration, and Other Charges (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Restructuring Charges [Abstract] | |||||||||||||||||
Schedule of Restructuring and Related Costs [Text Block] | The following table presents the components of the restructuring, integration, and other charges: | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Restructuring charges - current period actions | $ | 20,007 | $ | 15,151 | $ | 65,871 | $ | 29,998 | |||||||||
Restructuring and integration charges - actions taken in prior periods | 34 | 655 | 955 | 1,082 | |||||||||||||
Acquisition-related expenses (credits) | 2,527 | (1,244 | ) | 7,576 | 5,072 | ||||||||||||
$ | 22,568 | $ | 14,562 | $ | 74,402 | $ | 36,152 | ||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | 2013 Restructuring Charge | ||||||||||||||||
The following table presents the components of the 2013 restructuring charge of $65,871 and activity in the related restructuring accrual for the first nine months of 2013: | |||||||||||||||||
Personnel | Facilities | Other | Total | ||||||||||||||
Costs | |||||||||||||||||
Restructuring charge | $ | 56,561 | $ | 8,415 | $ | 895 | $ | 65,871 | |||||||||
Payments | (32,334 | ) | (3,696 | ) | — | (36,030 | ) | ||||||||||
Non-cash usage | — | — | (753 | ) | (753 | ) | |||||||||||
Foreign currency translation | 643 | 65 | — | 708 | |||||||||||||
Balance as of September 28, 2013 | $ | 24,870 | $ | 4,784 | $ | 142 | $ | 29,796 | |||||||||
The restructuring charge of $65,871 for the first nine months of 2013 includes personnel costs of $56,561, facilities costs of $8,415, and other costs of $895. The personnel costs are related to the elimination of approximately 770 positions within the global components business segment and approximately 250 positions within the global ECS business segment. The facilities costs are related to exit activities for 31 vacated facilities worldwide due to the company's continued efforts to streamline its operations and reduce real estate costs. These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. | |||||||||||||||||
2012 Restructuring Charge | |||||||||||||||||
The following table presents the activity in the restructuring accrual for the first nine months of 2013 related to the 2012 restructuring: | |||||||||||||||||
Personnel | Facilities | Total | |||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2012 | $ | 10,501 | $ | 4,442 | $ | 14,943 | |||||||||||
Restructuring charge (credit) | 790 | (489 | ) | 301 | |||||||||||||
Payments | (9,290 | ) | (2,336 | ) | (11,626 | ) | |||||||||||
Foreign currency translation | (15 | ) | (78 | ) | (93 | ) | |||||||||||
Balance as of September 28, 2013 | $ | 1,986 | $ | 1,539 | $ | 3,525 | |||||||||||
Restructuring Accruals Related to Actions Taken Prior to 2012 | |||||||||||||||||
The following table presents the activity in the restructuring accruals for the first nine months of 2013 related to restructuring actions taken prior to 2012: | |||||||||||||||||
Personnel | Facilities | Total | |||||||||||||||
Costs | |||||||||||||||||
Balance as of December 31, 2012 | $ | 1,408 | $ | 3,863 | $ | 5,271 | |||||||||||
Restructuring charges (credits) | (141 | ) | 795 | 654 | |||||||||||||
Payments | (333 | ) | (1,738 | ) | (2,071 | ) | |||||||||||
Foreign currency translation | 19 | (5 | ) | 14 | |||||||||||||
Balance as of September 28, 2013 | $ | 953 | $ | 2,915 | $ | 3,868 | |||||||||||
Net_Income_per_Share_Tables
Net Income per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands): | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to shareholders | $ | 96,779 | $ | 103,617 | $ | 264,589 | $ | 331,628 | |||||||||
Weighted average shares outstanding - basic | 100,750 | 108,301 | 103,269 | 110,245 | |||||||||||||
Net effect of various dilutive stock-based compensation awards | 919 | 1,593 | 1,157 | 1,851 | |||||||||||||
Weighted average shares outstanding - diluted | 101,669 | 109,894 | 104,426 | 112,096 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.96 | $ | 0.96 | $ | 2.56 | $ | 3.01 | |||||||||
Diluted (a) | $ | 0.95 | $ | 0.94 | $ | 2.53 | $ | 2.96 | |||||||||
(a) | Stock-based compensation awards for the issuance of 831 and 871 shares for the third quarter and first nine months of 2013 and 1,789 and 1,403 shares for the third quarter and first nine months of 2012, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders_Equity_Components
Shareholders' Equity Components of Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||
Changes in Components of Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||||||
Components of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the changes in the balances of each component of accumulated other comprehensive income: | ||||||||||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gain (Loss) on Investment Securities, Net | Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net | Employee Benefit Plan Items, Net | Total | |||||||||||||||||
Balance as of December 31, 2012 | $ | 182,632 | $ | 19,617 | $ | (6,669 | ) | $ | (50,443 | ) | $ | 145,137 | |||||||||
Other comprehensive income (loss) before reclassifications (a) | (65,918 | ) | (1,978 | ) | 1,923 | 4 | (65,969 | ) | |||||||||||||
Amounts reclassified into income | (252 | ) | — | (179 | ) | 795 | 364 | ||||||||||||||
Net other comprehensive income (loss) for the quarter ended March 30, 2013 | (66,170 | ) | (1,978 | ) | 1,744 | 799 | (65,605 | ) | |||||||||||||
Balance as of March 30, 2013 | 116,462 | 17,639 | (4,925 | ) | (49,644 | ) | 79,532 | ||||||||||||||
Other comprehensive income before reclassifications (a) | 14,539 | 581 | — | 46 | 15,166 | ||||||||||||||||
Amounts reclassified into income | (228 | ) | — | 137 | 717 | 626 | |||||||||||||||
Net other comprehensive income for the quarter ended June 29, 2013 | 14,311 | 581 | 137 | 763 | 15,792 | ||||||||||||||||
Balance as of June 29, 2013 | 130,773 | 18,220 | (4,788 | ) | (48,881 | ) | 95,324 | ||||||||||||||
Other comprehensive income before reclassifications (a) | 80,764 | 864 | — | 27 | 81,655 | ||||||||||||||||
Amounts reclassified into income | 48 | — | 96 | 717 | 861 | ||||||||||||||||
Net other comprehensive income for the quarter ended September 28, 2013 | 80,812 | 864 | 96 | 744 | 82,516 | ||||||||||||||||
Balance as of September 28, 2013 | $ | 211,585 | $ | 19,084 | $ | (4,692 | ) | $ | (48,137 | ) | $ | 177,840 | |||||||||
Total net other comprehensive income (loss) for the nine months ended | $ | 28,953 | $ | (533 | ) | $ | 1,977 | $ | 2,306 | $ | 32,703 | ||||||||||
28-Sep-13 | |||||||||||||||||||||
(a) | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $4,622, $(13,224), and $(6,365) for the first, second, and third quarters of 2013, respectively. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Schedule of Net Benefit Costs [Text Block] | The components of the net periodic benefit costs for these plans are as follows: | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Components of net periodic benefit costs: | |||||||||||||||||
Service cost | $ | 532 | $ | 516 | $ | 1,596 | $ | 1,548 | |||||||||
Interest cost | 2,026 | 2,201 | 6,078 | 6,603 | |||||||||||||
Expected return on plan assets | (1,629 | ) | (1,509 | ) | (4,887 | ) | (4,527 | ) | |||||||||
Amortization of unrecognized net loss | 1,157 | 951 | 3,471 | 2,853 | |||||||||||||
Amortization of prior service cost | 11 | 11 | 33 | 33 | |||||||||||||
Net periodic benefit costs | $ | 2,097 | $ | 2,170 | $ | 6,291 | $ | 6,510 | |||||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Text Block] | Sales and operating income (loss), by segment, are as follows: | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Sales: | |||||||||||||||||
Global components | $ | 3,467,285 | $ | 3,372,117 | $ | 10,058,555 | $ | 10,175,358 | |||||||||
Global ECS | 1,580,926 | 1,590,214 | 5,145,370 | 4,827,065 | |||||||||||||
Consolidated | $ | 5,048,211 | $ | 4,962,331 | $ | 15,203,925 | $ | 15,002,423 | |||||||||
Operating income (loss): | |||||||||||||||||
Global components | $ | 164,096 | $ | 155,061 | $ | 432,534 | $ | 496,293 | |||||||||
Global ECS | 59,757 | 55,273 | 202,070 | 176,721 | |||||||||||||
Corporate (a) | (61,117 | ) | (46,517 | ) | (178,441 | ) | (133,059 | ) | |||||||||
Consolidated | $ | 162,736 | $ | 163,817 | $ | 456,163 | $ | 539,955 | |||||||||
(a) | Includes restructuring, integration, and other charges of $22,568 and $74,402 for the third quarter and first nine months of 2013 and $14,562 and $36,152 for the third quarter and first nine months of 2012, respectively. | ||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Text Block] | Total assets, by segment, are as follows: | ||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Global components | $ | 6,873,955 | $ | 6,467,123 | |||||||||||||
Global ECS | 2,858,255 | 3,685,100 | |||||||||||||||
Corporate | 633,839 | 633,464 | |||||||||||||||
Consolidated | $ | 10,366,049 | $ | 10,785,687 | |||||||||||||
Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table [Text Block] | Sales, by geographic area, are as follows: | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 28, | September 29, | September 28, | September 29, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Americas (b) | $ | 2,621,398 | $ | 2,562,485 | $ | 7,868,170 | $ | 7,797,971 | |||||||||
EMEA (c) | 1,355,152 | 1,322,837 | 4,287,446 | 4,341,158 | |||||||||||||
Asia/Pacific | 1,071,661 | 1,077,009 | 3,048,309 | 2,863,294 | |||||||||||||
Consolidated | $ | 5,048,211 | $ | 4,962,331 | $ | 15,203,925 | $ | 15,002,423 | |||||||||
(b) | Includes sales related to the United States of $2,405,238 and $7,212,401 for the third quarter and first nine months of 2013 and $2,370,154 and $7,164,717 for the third quarter and first nine months of 2012, respectively. | ||||||||||||||||
(c) | Defined as Europe, the Middle East, and Africa. | ||||||||||||||||
Net property, plant, and equipment, by geographic area, is as follows: | |||||||||||||||||
September 28, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Americas (d) | $ | 522,039 | $ | 512,775 | |||||||||||||
EMEA | 74,007 | 65,947 | |||||||||||||||
Asia/Pacific | 20,499 | 20,919 | |||||||||||||||
Consolidated | $ | 616,545 | $ | 599,641 | |||||||||||||
(d) | Includes net property, plant, and equipment related to the United States of $520,485 and $511,555 at September 28, 2013 and December 31, 2012, respectively. |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 9 Months Ended |
Sep. 29, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of Total Sales | 2.00% |
Acquisitions_Details
Acquisitions (Details) | 9 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2012 |
USD ($) | ComputerLinks [Member] | ComputerLinks [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | ||
Acquisitions | Acquisitions | ||||
Business Acquisition [Line Items] | |||||
Number of Businesses Acquired | 2 | 7 | |||
Business Acquisition, Purchase Price Allocation [Abstract] | |||||
Business Acquisition, Cash Consideration Paid | $317,000 | € 230,000 | $43,962 | $289,782 | |
Business Acquisition, Contingent Consideration | 570 | 10,390 | |||
Payments to acquire additional interest in majority-owned subsidiary | $2,526 |
Cost_in_Excess_of_Net_Assets_o2
Cost in Excess of Net Assets of Companies Acquired - Goodwill (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | |
Goodwill [Roll Forward] | ||
31-Dec-12 | $1,711,703 | [1] |
Acquisitions | 22,179 | |
Foreign currency translation | -1,092 | |
28-Sep-13 | 1,732,790 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 1,018,780 | |
Global Components [Member] | ||
Goodwill [Roll Forward] | ||
31-Dec-12 | 957,916 | [1] |
Acquisitions | 22,179 | |
Foreign currency translation | -5,218 | |
28-Sep-13 | 974,877 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 716,925 | |
Global ECS [Member] | ||
Goodwill [Roll Forward] | ||
31-Dec-12 | 753,787 | [1] |
Acquisitions | 0 | |
Foreign currency translation | 4,126 | |
28-Sep-13 | 757,913 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | $301,855 | |
[1] | The total carrying value of cost in excess of net assets of companies acquired for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. |
Cost_in_Excess_of_Net_Assets_o3
Cost in Excess of Net Assets of Companies Acquired - Intangibles (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | ||
Customer Relationships [Member] | Customer Relationships [Member] | Developed Technology [Member] | Developed Technology [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Trade Names [Member] | Trade Names [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Other Intangible Assets [Member] | Other Intangible Assets [Member] | ||||||||||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||||||||||||
Weighted-Average Life | 11 years | 11 years | 5 years | 5 years | |||||||||||||
Gross Carrying Amount | $524,068 | $524,068 | $518,424 | $332,394 | $325,509 | $10,106 | $11,154 | $2,568 | [1] | $2,761 | [1] | $179,000 | $179,000 | ||||
Accumulated Amortization | -131,016 | -131,016 | -104,391 | -125,132 | -100,172 | -3,762 | -2,508 | -2,122 | [1] | -1,711 | [1] | 0 | 0 | ||||
Net | 393,052 | 393,052 | 414,033 | 207,262 | 225,337 | 6,344 | 8,646 | 446 | [1] | 1,050 | [1] | 179,000 | 179,000 | ||||
Finite-Lived Intangible Assets, Useful Life | 1 year | 3 years | |||||||||||||||
Amortization of Intangible Assets | 8,936 | 8,742 | 26,762 | 27,372 | |||||||||||||
Amortization of intangible assets, net of tax | $7,074 | $7,145 | $21,219 | $22,081 | |||||||||||||
Amortization of intangible assets, per share basic | $0.07 | $0.07 | $0.21 | $0.20 | |||||||||||||
Amortization of intangible assets, per share diluted | $0.07 | $0.07 | $0.20 | $0.20 | |||||||||||||
[1] | Consists of non-competition agreements and sales backlog with useful lives ranging from one to three years. |
Investments_in_Affiliated_Comp2
Investments in Affiliated Companies (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||||
Investments in affiliated companies | $66,447 | $66,447 | $65,603 | ||
Equity in earnings of affiliated companies | 1,884 | 2,154 | 5,227 | 5,766 | |
Equity Method Investment Pro Rata Share Of Debt Obligations Of Joint Venture | 600 | 600 | |||
Marubun/Arrow [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Investments in affiliated companies | 53,668 | 53,668 | 50,864 | ||
Equity in earnings of affiliated companies | 1,534 | 1,840 | 4,362 | 4,684 | |
Altech Industries [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Investments in affiliated companies | 12,779 | 12,779 | 14,739 | ||
Equity in earnings of affiliated companies | $350 | $314 | $865 | $1,082 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Accounts receivable | $4,620,752 | $4,978,136 |
Allowances for doubtful accounts | -52,199 | -54,238 |
Accounts receivable, net | $4,568,553 | $4,923,898 |
Debt_ST_Debt_Details
Debt - ST Debt (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Debt, Current | $30,969 | $364,357 |
Short-term Debt, Weighted Average Interest Rate | 3.60% | 4.20% |
6.875% senior notes, due 2013 [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | 0 | 335,384 |
Short-term borrowings in various countries [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | $30,969 | $28,973 |
Debt_LT_Debt_Details
Debt - LT Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||||
Long-term debt | $1,913,852 | $1,913,852 | $1,587,478 | ||
Net proceeds from note offering | 591,156 | 0 | |||
Loss on prepayment of debt | 0 | 0 | -4,277 | 0 | |
Loss on prepayment of debt, net of tax | -2,627 | 0 | |||
Loss on prepayment of debt, net of tax per share on a basic basis | $0.03 | ||||
Loss on prepayment of debt, net of tax per share on a diluted basis | $0.03 | ||||
Accounts receivable, net | 4,568,553 | 4,568,553 | 4,923,898 | ||
Investment Income, Interest and Dividend | 3,272 | 3,392 | 4,392 | 4,627 | |
Revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 35,700 | 35,700 | 123,600 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,200,000 | 1,200,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 1.28% | 1.28% | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.46% | 1.46% | |||
Line of Credit Facility, Commitment Fee Percentage | 0.23% | ||||
Asset securitization program [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 70,000 | 70,000 | 225,000 | ||
Asset Securitization Program Maximum Capacity | 775,000 | 775,000 | |||
Asset Securitization Program Interest Rate Spread At End of Period | 0.40% | 0.40% | |||
Debt Instrument, Interest Rate, Effective Percentage | 0.68% | 0.68% | |||
Asset Securitization Program Facility Fee | 0.40% | 0.40% | |||
Accounts receivable, net | 1,506,382 | 1,506,382 | 1,610,946 | ||
6.875% senior notes, due 2013 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 6.88% | |||
Debt Instrument, Fair Value | 0 | 0 | 342,000 | ||
Redemption of Senior Notes, principal amount | 332,107 | ||||
3.375% notes, due 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 255,686 | 255,686 | 257,732 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.38% | 3.38% | |||
Debt Instrument, Fair Value | 257,500 | 257,500 | 260,000 | ||
6.875% senior debentures, due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 199,026 | 199,026 | 198,869 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 6.88% | |||
Debt Instrument, Fair Value | 230,000 | 230,000 | 236,000 | ||
3.00% notes, due 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 298,618 | 298,618 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | |||
Debt Instrument, Fair Value | 300,000 | 300,000 | 0 | ||
Principal Amount of Issuance of Long-term Debt | 300,000 | ||||
6.00% notes, due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 299,942 | 299,942 | 299,936 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||
Debt Instrument, Fair Value | 330,000 | 330,000 | 342,000 | ||
5.125% notes, due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 249,416 | 249,416 | 249,356 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.13% | 5.13% | |||
Debt Instrument, Fair Value | 262,500 | 262,500 | 272,500 | ||
4.50% notes, due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 297,719 | 297,719 | 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |||
Debt Instrument, Fair Value | 297,000 | 297,000 | 0 | ||
Principal Amount of Issuance of Long-term Debt | 300,000 | ||||
7.5% senior debentures, due 2027 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 198,135 | 198,135 | 198,030 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | |||
Debt Instrument, Fair Value | 234,000 | 234,000 | 246,000 | ||
Other obligations with various interest rates and due dates [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $9,610 | $9,610 | $34,955 |
Financial_Instruments_Measured2
Financial Instruments Measured at Fair Value - Fair Value Hierarchy (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $67,162 | $67,903 |
Interest rate swaps | -10,832 | |
Foreign exchange contracts | -926 | -107 |
Contingent consideration | -1,813 | -806 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 64,423 | 56,158 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 67,162 | 67,903 |
Interest rate swaps | 0 | |
Foreign exchange contracts | 0 | 0 |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 67,162 | 67,903 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Interest rate swaps | -10,832 | |
Foreign exchange contracts | -926 | -107 |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | -926 | -10,939 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Interest rate swaps | 0 | |
Foreign exchange contracts | 0 | 0 |
Contingent consideration | -1,813 | -806 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | ($1,813) | ($806) |
Financial_Instruments_Measured3
Financial Instruments Measured at Fair Value - Unobservable Inputs Reconciliation (Details) (Fair Value, Inputs, Level 3 [Member], Fair Value, Measurements, Recurring [Member], Contingent Consideration [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2013 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Contingent Consideration [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance as of December 31, 2012 | ($806) |
Fair value of initial contingent consideration | -570 |
Change in fair value of contingent consideration included in earnings | -437 |
Balance as of June 29, 2013 | ($1,813) |
Financial_Instruments_Measured4
Financial Instruments Measured at Fair Value - AFS (Details) (USD $) | Sep. 28, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Marubun [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available For Sale Investment Ownership Percentage | 8.40% | |
Cost basis | $10,016 | $10,016 |
Unrealized holding gain | 543 | 85 |
Total | 10,559 | 10,101 |
WPG [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available For Sale Investment Ownership Percentage | 1.90% | |
Cost basis | 10,798 | 10,798 |
Unrealized holding gain | 25,876 | 29,784 |
Total | 36,674 | 40,582 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost basis | 15,397 | 15,271 |
Unrealized holding gain | 4,532 | 1,949 |
Total | $19,929 | $17,220 |
Financial_Instruments_Measured5
Financial Instruments Measured at Fair Value - Derivatives (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 31, 2012 | ||||||||||||
6.875% senior notes, due 2013 [Member] | Interst Rate Swaps Converting Senior Notes Due in 2013 [Member] | Interst Rate Swaps Converting Senior Notes Due in 2013 [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | 2013 Acquisition [Member] | 2012 Acquisition [Member] | Contingent Consideration [Member] | Contingent Consideration [Member] | ||||||||||||||||
Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||||||
Other Current Assets [Member] | Other Current Assets [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||||||||||
Other Current Assets [Member] | Other Current Assets [Member] | Accrued Liabilities [Member] | Accrued Liabilities [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative, Fair Value, Net | ($926) | ($926) | ($10,939) | ($10,832) | ($598) | ($495) | $1,227 | $1,561 | ($1,825) | ($2,056) | ($328) | ($10,444) | $0 | ($10,832) | $333 | $433 | ($661) | ($45) | ||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 51 | [1] | -343 | [1] | -889 | [1] | -1,688 | [1] | ||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 0 | [2] | -2,155 | [2] | 3,132 | [2] | -8,234 | [2] | -253 | [3] | 370 | [3] | -753 | [3] | 606 | [3] | ||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -157 | [2] | -379 | [2] | 0 | [2] | -48 | [3] | 10 | [3] | 432 | [3] | -47 | |||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | [2] | 0 | [2] | 292 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] | ||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | 2.63% | ||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Interest Rate Derivatives | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash Paid for Termination of Net Investment Hedges | 7,700 | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instrument Gain Loss Reclassified Into Income, Net | -157 | -87 | ||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Foreign Currency Derivatives | 361,944 | 361,944 | 425,053 | |||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Contingent Consideration, Potential Cash Payment | 5,400 | 18,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $1,813 | $806 | ||||||||||||||||||||||||||||||||||||||||||||||
[1] | The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||||||||||||
[2] | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||||||||||||
[3] | Both the effective and ineffective portions of any gain (loss) reclassified or recognized in income are recorded in "Cost of sales" in the company's consolidated statements of operations. |
Restructuring_Integration_and_2
Restructuring, Integration, and Other Charges (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | $22,568 | $14,562 | $74,402 | $36,152 |
Restructuring, integration, and other charges, net | 16,077 | 8,576 | 52,260 | 24,419 |
Restructuring Charges Net of Tax Per Share Basic | $0.16 | $0.08 | $0.51 | $0.22 |
Restructuring Charges Net of Tax Per Share Diluted | $0.16 | $0.08 | $0.50 | $0.22 |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of Years for the Personnel Accrual to Be Spent | 1 | 1 | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of Years for the Other Accrual to Be Spent | 1 | 1 | ||
Restructuring Charge 2013 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 20,007 | 65,871 | ||
Vacated Facilities | 31 | |||
Restructuring Charge 2013 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 56,561 | |||
Restructuring Charge 2013 Plan [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 8,415 | |||
Restructuring Charge 2013 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 895 | |||
Restructuring Charge 2013 Plan [Member] | Global Components [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost Number of Positions Eliminated | 770 | |||
Restructuring Charge 2013 Plan [Member] | Global ECS [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost Number of Positions Eliminated | 250 | |||
Restructuring Charges 2012 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 15,151 | 301 | 29,998 | |
Restructuring Charges 2012 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 790 | |||
Restructuring Charges 2012 Plan [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | -489 | |||
Restructuring Charges From Prior Periods [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 34 | 655 | 955 | 1,082 |
Restructuring Charges From Acquisitions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 2,527 | -1,244 | 7,576 | 5,072 |
Restructuring Charges From Acquisitions [Member] | Adjustments for Contingent Consideration [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | ($5,091) | ($4,325) |
Restructuring_Integration_and_3
Restructuring, Integration, and Other Charges - Accrual (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Restructuring Reserve [Roll Forward] | ||||
Restructuring, integration, and other charges | $22,568 | $14,562 | $74,402 | $36,152 |
Restructuring Reserve | 37,189 | 37,189 | ||
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 27,809 | 27,809 | ||
Number of Years for the Personnel Accrual to Be Spent | 1 | 1 | ||
Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 9,238 | 9,238 | ||
Restructuring Reserve Scheduled Lease Payments Current Year | 4,464 | 4,464 | ||
Restructuring Reserve Scheduled Lease Payments Year One | 3,051 | 3,051 | ||
Restructuring Reserve Scheduled Lease Payments Year Two | 941 | 941 | ||
Restructuring Reserve Scheduled Lease Payments Year Three | 572 | 572 | ||
Restructuring Reserve Scheduled Lease Payments Year Four | 151 | 151 | ||
Restructuring Reserve Scheduled Lease Payments Thereafter | 59 | 59 | ||
Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 142 | 142 | ||
Number of Years for the Other Accrual to Be Spent | 1 | 1 | ||
Restructuring Charge 2013 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring, integration, and other charges | 20,007 | 65,871 | ||
Restructuring Reserve, Payments | -36,030 | |||
Restructuring Reserve, Non-cash usage | -753 | |||
Restructuring Reserve, Foreign Currency Translation | 708 | |||
Restructuring Reserve | 29,796 | 29,796 | ||
Restructuring Charge 2013 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring, integration, and other charges | 56,561 | |||
Restructuring Reserve, Payments | -32,334 | |||
Restructuring Reserve, Non-cash usage | 0 | |||
Restructuring Reserve, Foreign Currency Translation | 643 | |||
Restructuring Reserve | 24,870 | 24,870 | ||
Restructuring Charge 2013 Plan [Member] | Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring, integration, and other charges | 8,415 | |||
Restructuring Reserve, Payments | -3,696 | |||
Restructuring Reserve, Non-cash usage | 0 | |||
Restructuring Reserve, Foreign Currency Translation | 65 | |||
Restructuring Reserve | 4,784 | 4,784 | ||
Restructuring Charge 2013 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring, integration, and other charges | 895 | |||
Restructuring Reserve, Payments | 0 | |||
Restructuring Reserve, Non-cash usage | -753 | |||
Restructuring Reserve, Foreign Currency Translation | 0 | |||
Restructuring Reserve | 142 | 142 | ||
Restructuring Charges From Prior Periods [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring, integration, and other charges | 34 | 655 | 955 | 1,082 |
Restructuring Charges 2012 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 14,943 | |||
Restructuring, integration, and other charges | 15,151 | 301 | 29,998 | |
Restructuring Reserve, Payments | -11,626 | |||
Restructuring Reserve, Foreign Currency Translation | -93 | |||
Restructuring Reserve | 3,525 | 3,525 | ||
Restructuring Charges 2012 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 10,501 | |||
Restructuring, integration, and other charges | 790 | |||
Restructuring Reserve, Payments | -9,290 | |||
Restructuring Reserve, Foreign Currency Translation | -15 | |||
Restructuring Reserve | 1,986 | 1,986 | ||
Restructuring Charges 2012 Plan [Member] | Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 4,442 | |||
Restructuring, integration, and other charges | -489 | |||
Restructuring Reserve, Payments | -2,336 | |||
Restructuring Reserve, Foreign Currency Translation | -78 | |||
Restructuring Reserve | 1,539 | 1,539 | ||
Restructuring Charges From Prior to 2012 [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 5,271 | |||
Restructuring, integration, and other charges | 654 | |||
Restructuring Reserve, Payments | -2,071 | |||
Restructuring Reserve, Foreign Currency Translation | 14 | |||
Restructuring Reserve | 3,868 | 3,868 | ||
Restructuring Charges From Prior to 2012 [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 1,408 | |||
Restructuring, integration, and other charges | -141 | |||
Restructuring Reserve, Payments | -333 | |||
Restructuring Reserve, Foreign Currency Translation | 19 | |||
Restructuring Reserve | 953 | 953 | ||
Restructuring Charges From Prior to 2012 [Member] | Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 3,863 | |||
Restructuring, integration, and other charges | 795 | |||
Restructuring Reserve, Payments | -1,738 | |||
Restructuring Reserve, Foreign Currency Translation | -5 | |||
Restructuring Reserve | $2,915 | $2,915 |
Net_Income_per_Share_Details
Net Income per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Earnings Per Share, Diluted [Line Items] | ||||||||
Net income attributable to shareholders | $96,779 | $103,617 | $264,589 | $331,628 | ||||
Weighted average shares outstanding - basic | 100,750 | 108,301 | 103,269 | 110,245 | ||||
Net effect of various dilutive stock-based compensation awards | 919 | 1,593 | 1,157 | 1,851 | ||||
Weighted average shares outstanding - diluted | 101,669 | 109,894 | 104,426 | 112,096 | ||||
Net income per share: | ||||||||
Basic | $0.96 | $0.96 | $2.56 | $3.01 | ||||
Diluted | $0.95 | [1] | $0.94 | [1] | $2.53 | [1] | $2.96 | [1] |
Stock Compensation Plan [Member] | ||||||||
Net income per share: | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 831 | 1,789 | 871 | 1,403 | ||||
[1] | Stock-based compensation awards for the issuance of 831 and 871 shares for the third quarter and first nine months of 2013 and 1,789 and 1,403 shares for the third quarter and first nine months of 2012, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2013 | Feb. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 | |||
Changes in components of OCI [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $211,585 | $130,773 | $116,462 | $211,585 | $182,632 | |||||||
Accumulated Other Comprehensive Income (Loss), Other, Net of Tax | -33,745 | -33,745 | -37,495 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 177,840 | 95,324 | 79,532 | 177,840 | 145,137 | |||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | 80,812 | 14,311 | -66,170 | 29,942 | 28,953 | -17,692 | ||||||
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 864 | 581 | -1,978 | 3,418 | -533 | 4,465 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net | 96 | 137 | 1,744 | -1,322 | 1,977 | -5,086 | ||||||
Other Comprehensive Income (Loss), Employee Benefit Plan Items, Adjustment, Net | 744 | 763 | 799 | 582 | 2,306 | 1,748 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 82,516 | 15,792 | -65,605 | 32,620 | 32,703 | -16,565 | ||||||
Stock Repurchase Program, Authorized Amount | 200,000 | 200,000 | ||||||||||
Treasury Stock, Shares, Acquired | 5,064,464 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | 198,572 | |||||||||||
Other comprehensive income before reclassifications [Member] | ||||||||||||
Changes in components of OCI [Line Items] | ||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | 80,764 | [1] | 14,539 | [1] | -65,918 | [1] | ||||||
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 864 | 581 | -1,978 | |||||||||
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net | 0 | 0 | 1,923 | |||||||||
Other Comprehensive Income (Loss), Employee Benefit Plan Items, Adjustment, Net | 27 | 46 | 4 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 81,655 | 15,166 | -65,969 | |||||||||
Other comprehensive income before reclassifications [Member] | Intra-entity foreign currency transactions [Member] | ||||||||||||
Changes in components of OCI [Line Items] | ||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | -6,365 | [1] | -13,224 | [1] | 4,622 | [1] | ||||||
Amounts reclassified into income [Member] | ||||||||||||
Changes in components of OCI [Line Items] | ||||||||||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | 48 | -228 | -252 | |||||||||
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 0 | 0 | 0 | |||||||||
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net | 96 | 137 | -179 | |||||||||
Other Comprehensive Income (Loss), Employee Benefit Plan Items, Adjustment, Net | 717 | 717 | 795 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 861 | 626 | 364 | |||||||||
Unrealized Gain (Loss) on Investment Securities, Net [Member] | ||||||||||||
Changes in components of OCI [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Other, Net of Tax | 19,084 | 18,220 | 17,639 | 19,084 | 19,617 | |||||||
Unrealized Gain (Loss) on Interest Rate Swaps Designated as Cash Flow Hedges, Net [Member] | ||||||||||||
Changes in components of OCI [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Other, Net of Tax | -4,692 | -4,788 | -4,925 | -4,692 | -6,669 | |||||||
Employee Benefit Plan Items, Net [Member] | ||||||||||||
Changes in components of OCI [Line Items] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Other, Net of Tax | ($48,137) | ($48,881) | ($49,644) | ($48,137) | ($50,443) | |||||||
[1] | Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $4,622, $(13,224), and $(6,365) for the first, second, and third quarters of 2013, respectively. |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Components of net periodic benefit costs: | ||||
Service cost | $532 | $516 | $1,596 | $1,548 |
Interest cost | 2,026 | 2,201 | 6,078 | 6,603 |
Expected return on plan assets | -1,629 | -1,509 | -4,887 | -4,527 |
Amortization of unrecognized net loss | 1,157 | 951 | 3,471 | 2,853 |
Amortization of prior service cost | 11 | 11 | 33 | 33 |
Net periodic benefit costs | $2,097 | $2,170 | $6,291 | $6,510 |
Contingencies_Details
Contingencies (Details) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 31, 2012 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 |
USD ($) | USD ($) | Huntsville Site [Member] | Huntsville Site [Member] | Norco Site [Member] | Tekelec Matter [Member] | |
USD ($) | Investigation Report [Member] | Remediation, Project Management, Regulatory Oversight, and Investigative and Feasability Studies [Member] | EUR (€) | |||
USD ($) | USD ($) | |||||
Site Contingency [Line Items] | ||||||
Litigation Settlement, Gross | $110,000 | |||||
Environmental Costs Recovered | 33,000 | |||||
Environmental Remediation Expense To Date | 4,000 | 44,000 | ||||
Additional Expected Project Expenditures Low Estimate | 3,000 | 500 | 18,000 | |||
Additional Expected Project Expenditures High Estimate | 4,000 | 750 | 24,900 | |||
Loss Contingency, Range of Possible Loss, Maximum | 11,333 | |||||
Loss Contingency Damages Sought Value | 3,742 | |||||
Loss Contingency, Expenses Sought, Value | € 312 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 | ||||
Sales: | |||||||||
Sales | $5,048,211 | $4,962,331 | $15,203,925 | $15,002,423 | |||||
Operating income (loss): | |||||||||
Operating income | 162,736 | 163,817 | 456,163 | 539,955 | |||||
Restructuring, integration, and other charges | 22,568 | 14,562 | 74,402 | 36,152 | |||||
Assets | 10,366,049 | 10,366,049 | 10,785,687 | ||||||
Global Components [Member] | |||||||||
Sales: | |||||||||
Sales | 3,467,285 | 3,372,117 | 10,058,555 | 10,175,358 | |||||
Operating income (loss): | |||||||||
Operating income | 164,096 | 155,061 | 432,534 | 496,293 | |||||
Assets | 6,873,955 | 6,873,955 | 6,467,123 | ||||||
Global ECS [Member] | |||||||||
Sales: | |||||||||
Sales | 1,580,926 | 1,590,214 | 5,145,370 | 4,827,065 | |||||
Operating income (loss): | |||||||||
Operating income | 59,757 | 55,273 | 202,070 | 176,721 | |||||
Assets | 2,858,255 | 2,858,255 | 3,685,100 | ||||||
Corporate [Member] | |||||||||
Operating income (loss): | |||||||||
Operating income | -61,117 | [1] | -46,517 | [1] | -178,441 | [1] | -133,059 | [1] | |
Assets | $633,839 | $633,839 | $633,464 | ||||||
[1] | Includes restructuring, integration, and other charges of $22,568 and $74,402 for the third quarter and first nine months of 2013 and $14,562 and $36,152 for the third quarter and first nine months of 2012, respectively. |
Segment_and_Geographic_Informa3
Segment and Geographic Information - Geographic Sales & PP&E (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2012 | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||
Sales | $5,048,211 | $4,962,331 | $15,203,925 | $15,002,423 | |||||
Property, plant, and equipment, net | 616,545 | 616,545 | 599,641 | ||||||
Americas [Member] | |||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||
Sales | 2,621,398 | [1] | 2,562,485 | [1] | 7,868,170 | 7,797,971 | |||
Property, plant, and equipment, net | 522,039 | [2] | 522,039 | [2] | 512,775 | [2] | |||
EMEA [Member] | |||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||
Sales | 1,355,152 | 1,322,837 | 4,287,446 | 4,341,158 | |||||
Property, plant, and equipment, net | 74,007 | 74,007 | 65,947 | ||||||
Asia Pacific [Member] | |||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||
Sales | 1,071,661 | 1,077,009 | 3,048,309 | 2,863,294 | |||||
Property, plant, and equipment, net | 20,499 | 20,499 | 20,919 | ||||||
United States [Member] | |||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | |||||||||
Sales | 2,405,238 | 2,370,154 | 7,212,401 | 7,164,717 | |||||
Property, plant, and equipment, net | $520,485 | $520,485 | $511,555 | ||||||
[1] | Includes sales related to the United States of $2,405,238 and $7,212,401 for the third quarter and first nine months of 2013 and $2,370,154 and $7,164,717 for the third quarter and first nine months of 2012, respectively. | ||||||||
[2] | Includes net property, plant, and equipment related to the United States of $520,485 and $511,555 at SeptemberB 28, 2013 and DecemberB 31, 2012, respectively. |