Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 01, 2016 | Jun. 27, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | Arrow Electronics Inc | ||
Entity Central Index Key | 7,536 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 95,643,137 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 5,352,842,897 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Sales | $ 23,282,020 | $ 22,768,674 | $ 21,357,285 | |
Costs and expenses: | ||||
Cost of sales | 20,246,770 | 19,772,779 | 18,566,356 | |
Selling, general, and administrative expenses | 1,986,249 | 1,959,749 | 1,873,638 | |
Depreciation and amortization | 155,754 | 156,048 | 131,141 | |
Restructuring, integration, and other charges | 68,765 | 39,841 | 92,650 | |
Trade name impairment charge | 0 | 78,000 | 0 | |
Total Costs and Expenses | 22,457,538 | 22,006,417 | 20,663,785 | |
Operating income | 824,482 | 762,257 | 693,500 | |
Equity in earnings of affiliated companies | 7,037 | 7,318 | 7,429 | |
Gain on sale of investment | 2,008 | 29,743 | 0 | |
Loss on prepayment of debt | 2,943 | 0 | 4,277 | |
Interest and other financing expense, net | 135,401 | 115,985 | 114,433 | |
Other expense | 3,000 | 0 | 0 | |
Income before income taxes | 692,183 | 683,333 | 582,219 | |
Provision for income taxes | 191,697 | 184,943 | 182,343 | |
Consolidated net income | 500,486 | 498,390 | 399,876 | |
Noncontrolling interests | 2,760 | 345 | 456 | |
Net income attributable to shareholders | $ 497,726 | $ 498,045 | $ 399,420 | |
Net income per share: | ||||
Basic | $ 5.26 | $ 5.05 | $ 3.89 | |
Diluted | [1] | $ 5.20 | $ 4.98 | $ 3.85 |
Weighted-average shares outstanding: | ||||
Basic | 94,608 | 98,675 | 102,559 | |
Diluted | 95,686 | 99,947 | 103,699 | |
[1] | Stock-based compensation awards for the issuance of 658 shares, 294 shares, and 874 shares for the years ended December 31, 2015, 2014, and 2013, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated net income | $ 500,486 | $ 498,390 | $ 399,876 |
Other comprehensive income: | |||
Foreign currency translation adjustment | (223,268) | (265,030) | 65,793 |
Unrealized gain (loss) on investment securities, net | 814 | (12,925) | 1,027 |
Unrealized gain on interest rate swaps designated as cash flow hedges, net | 871 | 403 | 2,075 |
Employee benefit plan items, net | 2,947 | (12,617) | 11,520 |
Other comprehensive income (loss) | (218,636) | (290,169) | 80,415 |
Comprehensive income | 281,850 | 208,221 | 480,291 |
Less: Comprehensive income attributable to noncontrolling interests | 4,213 | 345 | 456 |
Comprehensive income attributable to shareholders | $ 277,637 | $ 207,876 | $ 479,835 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and cash equivalents | $ 273,090 | $ 400,355 | |
Accounts receivable, net | 6,161,418 | 6,043,850 | |
Inventories | 2,466,490 | 2,335,257 | |
Other current assets | 285,473 | 253,145 | |
Total current assets | 9,186,471 | 9,032,607 | |
Property, plant, and equipment, at cost: | |||
Land | 23,547 | 23,770 | |
Buildings and improvements | 162,011 | 144,530 | |
Machinery and equipment | 1,250,115 | 1,146,045 | |
Property, plant, and equipment, gross | 1,435,673 | 1,314,345 | |
Less: Accumulated depreciation and amortization | (735,495) | (678,046) | |
Property, plant, and equipment, net | 700,178 | 636,299 | |
Investments in affiliated companies | 73,376 | 69,124 | |
Intangible assets, net | 389,326 | 335,711 | |
Cost in excess of net assets of companies acquired | [1] | 2,368,832 | 2,069,209 |
Other assets | 303,747 | 292,351 | |
Total assets | 13,021,930 | 12,435,301 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 5,192,665 | 5,027,103 | |
Accrued expenses | 819,463 | 797,464 | |
Short-term borrowings, including current portion of long-term debt | 44,024 | 13,454 | |
Total current liabilities | 6,056,152 | 5,838,021 | |
Long-term debt | 2,380,575 | 2,067,898 | |
Other liabilities | $ 390,392 | $ 370,471 | |
Commitments and Contingencies (Note 14 and 15) | |||
Equity: | |||
Issued - 125,424 shares in both 2015 and 2014 | $ 125,424 | $ 125,424 | |
Capital in excess of par value | 1,107,314 | 1,086,082 | |
Treasury stock (34,501 and 29,529 shares in 2015 and 2014, respectively), at cost | (1,480,069) | (1,169,673) | |
Retained earnings | 4,674,480 | 4,176,754 | |
Accumulated Other Comprehensive Loss | (284,706) | (64,617) | |
Total shareholders' equity | 4,142,443 | 4,153,970 | |
Noncontrolling interests | 52,368 | 4,941 | |
Total equity | 4,194,811 | 4,158,911 | |
Total liabilities and equity | $ 13,021,930 | $ 12,435,301 | |
[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 Par
CONSOLIDATED BALANCE SHEETS Parentheticals - $ / shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 34,501 | 29,529 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Consolidated net income | $ 500,486 | $ 498,390 | $ 399,876 |
Adjustments to reconcile consolidated net income to net cash provided by operations: | |||
Depreciation and amortization | 155,754 | 156,048 | 131,141 |
Amortization of stock-based compensation | 47,274 | 41,930 | 36,923 |
Equity in earnings of affiliated companies | (7,037) | (7,318) | (7,429) |
Deferred income taxes | 5,833 | (25,744) | 273 |
Restructuring, integration, and other charges | 51,305 | 29,324 | 65,601 |
Trade name impairment charge | 0 | 78,000 | 0 |
Gain on sale of investment | (2,008) | (18,269) | 0 |
Excess tax benefits from stock-based compensation arrangements | (5,911) | (7,129) | (7,172) |
Other | 10,894 | 2,686 | 3,534 |
Change in assets and liabilities, net of effects of acquired businesses: | |||
Accounts receivable | (68,990) | (521,613) | (572,886) |
Inventories | (42,790) | (210,789) | (21,277) |
Accounts payable | 33,398 | 628,697 | 446,814 |
Accrued expenses | 4,834 | 12,396 | (123,969) |
Other assets and liabilities | (27,963) | 16,692 | 99,262 |
Net cash provided by operating activities | 655,079 | 673,301 | 450,691 |
Cash flows from investing activities: | |||
Cash consideration paid for acquired businesses | (514,731) | (162,881) | (367,940) |
Acquisition of property, plant, and equipment | (154,800) | (122,505) | (116,162) |
Proceeds from sale of facilities | 3,496 | 0 | 0 |
Proceeds from sale of investment | 2,008 | 40,542 | 0 |
Purchase of cost method investments | 0 | 0 | (3,000) |
Net cash used for investing activities | (664,027) | (244,844) | (487,102) |
Cash flows from financing activities: | |||
Change in short-term and other borrowings | (46,645) | (12,541) | (31,340) |
Proceeds from (repayment of) long-term bank borrowings, net | (128,000) | (145,000) | 71,400 |
Net proceeds from note offering | 688,162 | 0 | 591,156 |
Redemption of notes | (254,313) | 0 | (338,184) |
Proceeds from exercise of stock options | 14,900 | 21,788 | 36,014 |
Excess tax benefits from stock-based compensation arrangements | 5,911 | 7,129 | 7,172 |
Repurchases of common stock | (356,434) | (304,763) | (362,793) |
Other | (7,768) | (1,499) | 0 |
Net cash used for financing activities | (84,187) | (434,886) | (26,575) |
Effect of exchange rate changes on cash | (34,130) | 16,182 | 43,904 |
Net increase (decrease) in cash and cash equivalents | (127,265) | 9,753 | (19,082) |
Cash and cash equivalents at beginning of year | 400,355 | 390,602 | 409,684 |
Cash and cash equivalents at end of year | $ 273,090 | $ 400,355 | $ 390,602 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock at Par Value [Member] | Capital in Excess of Par Value [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2012 | $ 3,987,362 | $ 125,424 | $ 1,086,239 | $ (652,867) | $ 3,279,289 | $ 145,137 | $ 4,140 |
Consolidated net income | 399,876 | 0 | 0 | 0 | 399,420 | 0 | 456 |
Other comprehensive income (loss) | 80,415 | 0 | 0 | 0 | 0 | 80,415 | 0 |
Amortization of stock-based compensation | 36,923 | 0 | 36,923 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 36,014 | 0 | (59,118) | 95,132 | 0 | 0 | 0 |
Tax benefits related to stock-based compensation awards | 7,031 | 0 | 7,031 | 0 | 0 | 0 | 0 |
Repurchases of common stock | (362,793) | 0 | 0 | (362,793) | 0 | 0 | 0 |
Balance at Dec. 31, 2013 | 4,184,828 | 125,424 | 1,071,075 | (920,528) | 3,678,709 | 225,552 | 4,596 |
Consolidated net income | 498,390 | 0 | 0 | 0 | 498,045 | 0 | 345 |
Other comprehensive income (loss) | (290,169) | 0 | 0 | 0 | 0 | (290,169) | 0 |
Amortization of stock-based compensation | 41,930 | 0 | 41,930 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 21,788 | 0 | (33,830) | 55,618 | 0 | 0 | 0 |
Tax benefits related to stock-based compensation awards | 6,907 | 0 | 6,907 | 0 | 0 | 0 | 0 |
Repurchases of common stock | (304,763) | 0 | 0 | (304,763) | 0 | 0 | 0 |
Balance at Dec. 31, 2014 | 4,158,911 | 125,424 | 1,086,082 | (1,169,673) | 4,176,754 | (64,617) | 4,941 |
Consolidated net income | 500,486 | 0 | 0 | 0 | 497,726 | 0 | 2,760 |
Other comprehensive income (loss) | (218,636) | 0 | 0 | 0 | 0 | 1,453 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (220,089) | ||||||
Amortization of stock-based compensation | 47,274 | 0 | 47,274 | 0 | 0 | 0 | 0 |
Shares issued for stock-based compensation awards | 14,900 | 0 | (31,138) | 46,038 | 0 | 0 | 0 |
Tax benefits related to stock-based compensation awards | 5,795 | 0 | 5,795 | 0 | 0 | 0 | 0 |
Repurchases of common stock | (356,434) | 0 | 0 | (356,434) | 0 | 0 | 0 |
Acquisition of non-controlling interest | 47,451 | 0 | 0 | 0 | 0 | 0 | 47,451 |
Purchase of subsidiary shares from noncontrolling interest | (4,718) | 0 | (699) | 0 | 0 | 0 | (4,019) |
Distributions | (218) | 0 | 0 | 0 | 0 | 0 | (218) |
Balance at Dec. 31, 2015 | $ 4,194,811 | $ 125,424 | $ 1,107,314 | $ (1,480,069) | $ 4,674,480 | $ (284,706) | $ 52,368 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the company and its majority-owned subsidiaries. All significant intercompany transactions are eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the company to make significant estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less. Inventories Inventories are stated at the lower of cost or market. Cost approximates the first-in, first-out method. Substantially all inventories represent finished goods held for sale. Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation of buildings is generally 20 to 30 years, and the estimated useful lives of machinery and equipment is generally three to ten years. Leasehold improvements are amortized over the shorter of the term of the related lease or the life of the improvement. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the carrying value of the asset can not be recovered from estimated future cash flows, undiscounted and without interest, the fair value of the asset is calculated using the present value of estimated net future cash flows. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. Software Development Costs The company capitalizes certain internal and external costs incurred to acquire or create internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software, which is generally three to ten years. At December 31, 2015 and 2014 , the company had unamortized software development costs of $433,146 and $411,056 , respectively, which are included in "Machinery and equipment" in the company's consolidated balance sheets. Identifiable Intangible Assets Amortization of definite-lived intangible assets is computed on the straight-line method over the estimated useful lives of the assets, while indefinite-lived intangible assets are not amortized. Identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The company also tests indefinite-lived intangible assets, consisting of acquired trade names, for impairment at least annually as of the first day of the fourth quarter. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. Investments Investments are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, are considered in determining whether the equity method is appropriate. The company records its investments in equity method investees meeting these characteristics as "Investments in affiliated companies" in the company's consolidated balance sheets. All other equity investments, which consist of investments for which the company does not possess the ability to exercise significant influence, are accounted for under the cost method, if privately held, or as available-for-sale, if publicly traded, and are included in "Other assets" in the company's consolidated balance sheets. Under the cost method of accounting, investments are carried at cost and are adjusted only for other-than-temporary declines in realizable value and additional investments. The company accounts for available-for-sale investments at fair value, using quoted market prices, and the related holding gains and losses are included in "Accumulated other comprehensive income (loss)" in the shareholders' equity section in the company's consolidated balance sheets. The company assesses its long-term investments accounted for as available-for-sale on an ongoing basis to determine whether declines in market value below cost are other-than-temporary. When the decline is determined to be other-than-temporary, the cost basis for the individual security is reduced and a loss is realized in the company's consolidated statement of operations in the period in which it occurs. The company makes such determination after considering the length of time and the extent to which the market value of the investment is less than its cost, the financial condition and operating results of the investee, and the company's intent and ability to retain the investment over time to potentially allow for any recovery in market value. In addition, the company assesses the following factors: • broad economic factors impacting the investee's industry; • publicly available forecasts for sales and earnings growth for the industry and investee; and • the cyclical nature of the investee's industry. The company could incur an impairment charge in future periods if, among other factors, the investee's future earnings differ from currently available forecasts. Cost in Excess of Net Assets of Companies Acquired Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill for impairment annually as of the first day of the fourth quarter and/or when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Examples of such events and circumstances that the company would consider include the following: • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the company's products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation; • events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit; and • a sustained decrease in share price (considered in both absolute terms and relative to peers). Goodwill is tested at a level of reporting referred to as "the reporting unit." The company's reporting units are defined as each of the three regional businesses within the global components business segment, which are the Americas, EMEA (Europe, Middle East, and Africa), and Asia/Pacific and each of the two regional businesses within the global ECS business segment, which are North America and EMEA. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The company has elected not to perform the qualitative assessment and began its impairment testing with the first step of the two-step impairment process. The first step, used to identify potential impairment, compares the calculated fair value of a reporting unit with its carrying amount. If the carrying amount of the reporting unit is less than its fair value, no impairment exists and the second step is not performed. If the carrying amount of a reporting unit exceeds its fair value, the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for the excess. The company estimates the fair value of a reporting unit using the income approach. For the purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The assumptions included in the income approach include forecasted revenues, gross profit margins, operating income margins, working capital cash flow, forecasted capital expenditures, perpetual growth rates, and long-term discount rates, among others, all of which require significant judgments by management. Actual results may differ from those assumed in the company's forecasts. The company also reconciles its discounted cash flow analysis to its current market capitalization allowing for a reasonable control premium. As of the first day of the fourth quarters of 2015, 2014, and 2013, the company's annual impairment testing did not indicate impairment at any of the company's reporting units. Foreign Currency Translation and Remeasurement The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the company's international operations are reported as a component of "Accumulated other comprehensive income (loss)" in the company's consolidated balance sheets. For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the company’s consolidated statements of operations. Non-monetary assets and liabilities are recorded at historical exchange rates. Income Taxes Income taxes are accounted for under the liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax bases of assets and liabilities and their financial reporting amounts. The carrying value of the company's deferred tax assets is dependent upon the company's ability to generate sufficient future taxable income in certain tax jurisdictions. Should the company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to the deferred tax assets would be established in the period such determination was made. It is the company's policy to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the company's effective tax rate in a given financial statement period may be affected. Net Income Per Share Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. Comprehensive Income Comprehensive income consists of consolidated net income, foreign currency translation adjustment, employee benefit plan items, and unrealized gains or losses on investment securities and interest rate swaps designated as cash flow hedges. Unrealized gains or losses on investment securities and interest rate swaps are net of any reclassification adjustments for realized gains or losses included in consolidated net income. Foreign currency translation adjustments included in comprehensive income were not tax effected as investments in international affiliates are deemed to be permanent. All other comprehensive income items are net of related income taxes. Stock-Based Compensation The company records share-based payment awards exchanged for employee services at fair value on the date of grant and expenses the awards in the consolidated statements of operations over the requisite employee service period. Stock-based compensation expense includes an estimate for forfeitures. Stock-based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The company recorded, as a component of selling, general, and administrative expenses, amortization of stock-based compensation of $47,274 , $41,930 , and $36,923 in 2015 , 2014 , and 2013 , respectively. Segment Reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The company's operations are classified into two reportable business segments: global components and global ECS. Revenue Recognition The company recognizes revenue when there is persuasive evidence of an arrangement, delivery has occurred or services are rendered, the sales price is fixed or determinable, and collectibility is reasonably assured. Revenue typically is recognized at time of shipment. Sales are recorded net of discounts, rebates, and returns, which historically have not been material. A portion of the company's business involves shipments directly from its suppliers to its customers. In these transactions, the company is responsible for negotiating price both with the supplier and customer, payment to the supplier, establishing payment terms with the customer, product returns, and has risk of loss if the customer does not make payment. As the principal with the customer, the company recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product was shipped. The company has certain business with select customers and suppliers that is accounted for on an agency basis (that is, the company recognizes the fees associated with serving as an agent in sales with no associated cost of sales). Generally, these transactions relate to the sale of supplier service contracts to customers where the company has no future obligation to perform under these contracts or the rendering of logistics services for the delivery of inventory for which the company does not assume the risks and rewards of ownership. Shipping and Handling Costs The company reports shipping and handling costs, primarily related to outbound freight, in the consolidated statements of operations as a component of selling, general, and administrative expenses. Shipping and handling costs included in selling, general, and administrative expenses totaled $77,399 , $85,591 , and $92,620 in 2015 , 2014 , and 2013 , respectively. Impact of Recently Issued Accounting Standards In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-01, Financial Instruments - Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) ("ASU No. 2016-01"). ASU No. 2016-01 revises the classification and measurement of investments in certain equity investments and the presentation of certain fair value changes for certain financial liabilities measured at fair value. ASU No. 2016-01 requires the change in fair value of many equity investments to be recognized in net income. ASU No. 2016-01 is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted. Adopting ASU No. 2016-01 may result in a cumulative effect adjustment to the consolidated statement of equity retained earnings as of the beginning of the year of adoption. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-01. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740) ("ASU No. 2015-17"). ASU No. 2015-17 requires deferred tax liabilities and assets to be classified as noncurrent in the consolidated balance sheet. ASU No. 2015-17 is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted. ASU No. 2015-17 may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The adoption of the provisions of ASU No. 2015-17 is not expected to have a material impact on the company's financial position or results of operations. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments (Topic 805) ("ASU No. 2015-16"). ASU No. 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU No. 2015-16 is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and is to be applied on a prospective basis. Effective June 28, 2015, the company adopted the provisions of ASU No. 2015-16. The adoption of the provisions of ASU No. 2015-16 did not materially impact the company's consolidated financial position or results of operations. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory - Simplifying the Measurement of Inventory (Topic 330) ("ASU No. 2015-11"). ASU No. 2015-11 requires an entity to measure inventory within the scope of the update at the lower of cost and net realizable value, and defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU No. 2015-11 is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted, and is to be applied on a prospective basis. The adoption of the provisions of ASU No. 2015-11 is not expected to have a material impact on the company's financial position or results of operations. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) ("ASU No. 2015-03"). ASU No. 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the corresponding debt liability. In August 2015, the FASB issued Accounting Standards Update No. 2015-15, Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Subtopic 835-30) ("ASU No. 2015-15"). ASU No. 2015-15 provides additional guidance on the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. ASU No. 2015-03 and ASU No. 2015-15 are effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and is to be applied on a retrospective basis. Effective January 1, 2015 and June 28, 2015, the company adopted the provisions of ASU No. 2015-03 and ASU No. 2015-15, respectively. The adoption of the provisions of ASU No. 2015-03 and ASU No. 2015-15 did not materially impact the company's consolidated financial position or results of operations. Prior period amounts were reclassified to conform to the current period presentation. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU No. 2014-09"). ASU No. 2014-09 supersedes the revenue recognition requirements in Topic 605, Revenue Recognition , and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, ASU No. 2014-09 supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts . Under ASU No. 2014-09, an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. This includes significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 is effective for interim and annual periods beginning after December 15, 2017, with early application permitted for interim and annual periods beginning after December 15, 2016. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. The company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09. Reclassification Certain prior year amounts were reclassified to conform to the current year presentation. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Line Items] | |
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 7). 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. 2015 Acquisitions On March 31, 2015, the company acquired immixGroup, Inc. ("immixGroup"), for a purchase price of $280,454 , which included $28,205 of cash acquired. immixGroup is a value-added provider supporting value-added resellers, solution providers, service providers, and other public sector channel partners with specialized resources to accelerate their government sales. immixGroup has operations in North America. Since the date of the acquisition, immixGroup sales for 2015 of $384,926 were included in the company's consolidated results of operations. The following table summarizes the preliminary allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the immixGroup acquisition: Accounts receivable, net $ 145,130 Other current assets 26,647 Property, plant, and equipment 1,569 Other assets 5,313 Identifiable intangible assets 53,700 Cost in excess of net assets acquired 174,074 Accounts payable (136,921 ) Accrued expenses (11,736 ) Other liabilities (5,527 ) Cash consideration paid, net of cash acquired $ 252,249 In connection with the immixGroup acquisition, the company allocated $53,700 to customer relationships with a weighted-average life of 13 years. The cost in excess of net assets acquired related to the immixGroup acquisition was recorded in the company's global ECS business segment. The intangible assets related to the immixGroup acquisition are expected to be deductible for income tax purposes. During 2015 , the company completed 9 additional acquisitions for an aggregate purchase price of approximately $263,341 , net of cash acquired, i nclusive of a 53.7% acquisition of Data Modul AG, and an additional 3.6% was acquired subsequent to the date of acquisition. The company also assumed $84,487 in debt in connection with these acquisitions. 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 following table summarizes the company's consolidated results of operations for 2015 and 2014, as well as the unaudited pro forma consolidated results of operations of the company, as though the 2015 acquisitions occurred on January 1: For the Years Ended December 31, 2015 2014 As Reported Pro Forma As Reported Pro Forma Sales $ 23,282,020 $ 23,684,746 $ 22,768,674 $ 24,189,797 Net income attributable to shareholders 497,726 500,554 498,045 518,859 Net income per share: Basic $ 5.26 $ 5.29 $ 5.05 $ 5.26 Diluted $ 5.20 $ 5.23 $ 4.98 $ 5.19 The unaudited pro forma consolidated results of operations do not purport to be indicative of the results obtained had these acquisitions occurred as of the beginning of 2015 and 2014, or of those results that may be obtained in the future. Additionally, the above table does not reflect any anticipated cost savings or cross-selling opportunities expected to result from these acquisitions. 2014 Acquisitions During 2014, the company completed five acquisitions. The aggregate consideration paid for these acquisitions was $162,881 , net of cash acquired, and included $5,853 of contingent consideration and $210 of other amounts withheld. 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 2014 acquisitions on the consolidated results of operations of the company for the years ended December 31, 2014 and 2013, as though the 2014 acquisitions occurred on January 1, 2013 was also not material. 2013 Acquisitions 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 $313,209 , which included $20,981 of cash acquired. 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 EMEA, North America, and select countries within the Asia Pacific region. ComputerLinks sales for the year ended December 31, 2013 of $208,177 were included in the company's consolidated results of operations. The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the ComputerLinks acquisition: Accounts receivable, net $ 177,700 Inventories 58,041 Other current assets 11,168 Property, plant, and equipment 7,070 Other assets 1,480 Identifiable intangible assets 39,195 Cost in excess of net assets acquired 275,442 Accounts payable (213,456 ) Accrued expenses (51,270 ) Other liabilities (13,142 ) Cash consideration paid, net of cash acquired $ 292,228 In connection with the ComputerLinks acquisition, the company allocated the following amounts to identifiable intangible assets: Weighted-Average Life Customer relationships 9 years $ 37,125 Other intangible assets (a) 2,070 Total identifiable intangible assets $ 39,195 (a) Consists of non-competition agreements and sales backlog with useful lives ranging from one to two years. The cost in excess of net assets acquired related to the ComputerLinks acquisition was recorded in the company's global ECS business segment. The intangible assets related to the ComputerLinks acquisition are not expected to be deductible for income tax purposes. During 2013 , the company completed four additional acquisitions. The aggregate consideration for these four acquisitions was $80,210 , net of cash acquired, and includes $4,498 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 following table summarizes the company's consolidated results of operations for 2013 , as well as the unaudited pro forma consolidated results of operations of the company, as though the 2013 acquisitions occurred on January 1: For the Year Ended December 31, 2013 As Reported Pro Forma Sales $ 21,357,285 $ 22,191,263 Net income attributable to shareholders 399,420 408,290 Net income per share: Basic $ 3.89 $ 3.98 Diluted $ 3.85 $ 3.94 The unaudited pro forma consolidated results of operations do not purport to be indicative of the results obtained had these acquisitions occurred as of the beginning of 2013 , or of those results that may be obtained in the future. Additionally, the above table does not reflect any anticipated cost savings or cross-selling opportunities expected to result from these acquisitions. |
Cost in Excess of Net Assets of
Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, net | 12 Months Ended |
Dec. 31, 2015 | |
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. As of the first day of the fourth quarters of 2015 , 2014 , and 2013 , the company's annual impairment testing did not result in any indicators of impairment of cost in excess of net assets of companies acquired. Cost in excess of net assets of companies acquired, allocated to the company's business segments, is as follows: Global Components Global ECS Total Balance as of December 31, 2013 (a) $ 1,000,860 $ 1,038,433 $ 2,039,293 Acquisitions 63,077 47,974 111,051 Foreign currency translation adjustment (12,154 ) (68,981 ) (81,135 ) Balance as of December 31, 2014 (a) 1,051,783 1,017,426 2,069,209 Acquisitions 187,977 174,074 362,051 Foreign currency translation adjustment (8,928 ) (53,500 ) (62,428 ) Balance as of December 31, 2015 (a) $ 1,230,832 $ 1,138,000 $ 2,368,832 (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 December 31, 2015 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 498,319 (215,263 ) 283,056 Developed technology 5 years 13,154 (7,894 ) 5,260 Other intangible assets (b) 917 (907 ) 10 $ 613,390 $ (224,064 ) $ 389,326 Intangible assets, net, are comprised of the following as of December 31, 2014 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 402,036 (171,071 ) 230,965 Developed technology 5 years 8,806 (5,444 ) 3,362 Other intangible assets (b) 1,719 (1,335 ) 384 $ 513,561 $ (177,850 ) $ 335,711 (b) Consists of non-competition agreements with useful lives ranging from two to three years. The gross carrying value of trade names in the table above is reflected net of a $78,000 non-cash impairment charge recorded during the fourth quarter of 2014 . In connection with the company's global re-branding initiative to brand certain of its businesses under the Arrow name, the company made the decision to discontinue the use of a trade name of one of its businesses within the global ECS business segment. As no future cash flows will be attributed to the impacted trade name, the entire book value was written-off, resulting in the non-cash impairment charge of $78,000 ( $47,911 net of related taxes or $.49 and $.48 per share on a basic and diluted basis, respectively) as of December 31, 2014 in the company's consolidated statements of operations. Fair value was determined using unobservable (Level 3) inputs. The impairment charge did not impact the company’s consolidated cash flows, liquidity, capital resources, and covenants under its existing revolving credit facility, asset securitization program, and other outstanding borrowings. No impairment existed as of December 31, 2014 with respect to the company's other identifiable intangible assets. Amortization expense related to identifiable intangible assets was $51,036 ( $41,256 net of related taxes or $.44 and $.43 per share on a basic and diluted basis, respectively), $44,063 ( $35,965 net of related taxes or $.36 per share on both a basic and diluted basis), and $36,769 ( $29,339 net of related taxes or $.29 and $.28 per share on a basic and diluted basis, respectively) for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Amortization expense for each of the years 2016 through 2020 is estimated to be approximately $51,758 , $48,728 , $43,198 , $36,853 , and $30,256 , respectively. |
Investments in Affiliated Compa
Investments in Affiliated Companies | 12 Months Ended |
Dec. 31, 2015 | |
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. As a result of one of the company's 2015 acquisitions, the company acquired a 50% interest in two immaterial joint ventures which are included in "Other" in the tables below. These investments are accounted for using the equity method. The following table presents the company's investment in the following joint ventures at December 31: 2015 2014 Marubun/Arrow $ 62,530 $ 58,617 Altech Industries 8,261 10,507 Other 2,585 — $ 73,376 $ 69,124 The equity in earnings of affiliated companies for the years ended December 31 consists of the following: 2015 2014 2013 Marubun/Arrow $ 6,212 $ 6,510 $ 6,386 Altech Industries 592 808 1,043 Other 233 — — $ 7,037 $ 7,318 $ 7,429 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. There were no outstanding borrowings under the third party debt agreements of the joint ventures as of December 31, 2015 . |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | Accounts Receivable Accounts receivable, net, consists of the following at December 31: 2015 2014 Accounts receivable $ 6,211,077 $ 6,103,038 Allowances for doubtful accounts (49,659 ) (59,188 ) Accounts receivable, net $ 6,161,418 $ 6,043,850 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 | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | Debt At December 31, 2015 and 2014 , short-term borrowings of $44,024 and $13,454 , respectively, were primarily utilized to support the working capital requirements of certain international operations. The weighted-average interest rates on these borrowings at December 31, 2015 and 2014 were 3.3% and 3.8% , respectively. Long-term debt consists of the following at December 31: 2015 2014 Revolving credit facility $ 72,000 $ — Asset securitization program 75,000 275,000 3.375% notes, due 2015 — 251,955 6.875% senior debentures, due 2018 198,886 198,424 3.00% notes, due 2018 298,197 297,408 6.00% notes, due 2020 298,932 298,680 5.125% notes, due 2021 248,566 248,287 3.50% notes, due 2022 345,061 — 4.50% notes, due 2023 296,194 295,765 4.00% notes, due 2025 344,092 — 7.50% senior debentures, due 2027 198,366 198,219 Interest rate swaps designated as fair value hedges 710 378 Other obligations with various interest rates and due dates 4,571 3,782 $ 2,380,575 $ 2,067,898 The 7.50% senior debentures are not redeemable prior to their maturity. The 6.875% senior debentures, 3.00% notes, 6.00% notes, 5.125% notes, 3.50% notes, 4.50% notes, and 4.00% notes may be called at the option of the company subject to "make whole" clauses. The estimated fair market value at December 31, using quoted market prices, is as follows: 2015 2014 3.375% notes, due 2015 $ — $ 255,000 6.875% senior debentures, due 2018 218,000 232,000 3.00% notes, due 2018 303,000 309,000 6.00% notes, due 2020 330,000 339,000 5.125% notes, due 2021 267,500 277,500 3.50% notes, due 2022 343,000 — 4.50% notes, due 2023 309,000 321,000 4.00% notes, due 2025 336,000 — 7.50% senior debentures, due 2027 238,000 254,000 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. The company has a $1,500,000 revolving credit facility, maturing in December 2018. 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 ( 1.30% at December 31, 2015 ), which is based on the company's credit ratings, for an effective interest rate of 1.58% at December 31, 2015. The facility fee, which is based on the company's credit ratings, was .20% at December 31, 2015 . The company had $72,000 in outstanding borrowings under the revolving credit facility at December 31, 2015 . There were no outstanding borrowings under the revolving credit facility at December 31, 2014 . The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. The company may borrow up to $900,000 under the asset securitization program, which matures in March 2017. 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 ( .40% at December 31, 2015 ), which is based on the company's credit ratings, for an effective interest rate of .86% at December 31, 2015 . The facility fee is .40% . At December 31, 2015 and 2014 , the company had $75,000 and $275,000 , 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 $1,871,831 and $2,060,589 , 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 and require that certain financial ratios be maintained at designated levels. The company was in compliance with all covenants as of December 31, 2015 and is currently not aware of any events that would cause non-compliance with any covenants in the future. Annual payments of borrowings during each of the years 2016 through 2020 are $44,024 , $78,284 , $569,834 , $530 , and $299,588 , respectively, and $1,432,279 for all years thereafter. During 2015, the company completed the sale of $350,000 principal amount of 3.50% notes due in 2022 and $350,000 principal amount of 4.00% notes due in 2025. The net proceeds of the offering of $688,162 were used to refinance the company's 3.375% notes due November 2015 and for general corporate purposes. During 2015, the company redeemed $250,000 principal amount of its 3.375% notes due November 2015. The related loss on the redemption for 2015 was $2,943 ( $1,808 net of related taxes or $.02 per share on both a basic and diluted basis) and was recognized as a loss on prepayment of debt in the company's consolidated statements of operations. During 2014, the company entered into an agreement for an uncommitted line of credit. Under this agreement, the company may borrow up to a total of $100,000 . There were no outstanding borrowings under the uncommitted line of credit at December 31, 2015 and 2014. During 2013, the company completed the sale of $300,000 principal amount of its 3.00% notes due in 2018 and $300,000 principal amount of its 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. During 2013, the company redeemed $332,107 principal amount of its 6.875% senior notes due July 2013. The related loss on the redemption 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 in the company's consolidated statements of operations. Interest and other financing expense, net, includes interest and dividend income of $6,301 , $5,552 , and $5,632 in 2015 , 2014 , and 2013 , respectively. Interest paid, net of interest and dividend income, amounted to $133,390 , $120,477 , and $116,663 in 2015 , 2014 , and 2013 , respectively. |
Financial Instruments Measured
Financial Instruments Measured at Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 : Level 1 Level 2 Level 3 Total Available-for-sale securities 41,178 — — 41,178 Interest rate swaps — 711 — 711 Foreign exchange contracts — (738 ) — (738 ) Contingent consideration — — (3,889 ) (3,889 ) $ 41,178 $ (27 ) $ (3,889 ) $ 37,262 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2014 : Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 99,000 $ — $ — $ 99,000 Available-for-sale securities 38,109 — — 38,109 Interest rate swaps — 378 — 378 Foreign exchange contracts — 694 — 694 Contingent consideration — — (6,202 ) (6,202 ) $ 137,109 $ 1,072 $ (6,202 ) $ 131,979 The following table summarizes the Level 3 activity for the year ended December 31, 2015 : Balance as of December 31, 2014 $ (6,202 ) Fair value of initial contingent consideration — Change in fair value of contingent consideration included in earnings (1,128 ) Payment of contingent consideration (a) 3,000 Foreign currency translation adjustment 441 Balance as of December 31, 2015 $ (3,889 ) (a) Contingent consideration payment relates to an acquisition completed prior to 2015. 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. Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to our trade names. The company tests these assets for impairment if indicators of potential impairment exist. During 2014 , in connection with the company's global re-branding initiative to brand certain of its businesses under the Arrow name, the company made the decision to discontinue the use of a trade name of one of its businesses within the global ECS business segment. As no future cash flows will be attributed to the impacted trade name, the entire book value was written-off, resulting in a non-cash impairment charge of $78,000 ( $47,911 net of related taxes or $.49 and $.48 per share on a basic and diluted basis, respectively) as of December 31, 2014 in the company's consolidated statements of operations. Fair value was determined using unobservable (Level 3) inputs. The impairment charge did not impact the company’s consolidated cash flows, liquidity, capital resources, and covenants under its existing revolving credit facility, asset securitization program, and other outstanding borrowings. No impairment existed as of December 31, 2014 with respect to the company's other identifiable intangible assets. During 2015 , 2014 , and 2013 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") and a portfolio of mutual funds with quoted market prices, all of which are accounted for as available-for-sale securities. During 2014, the company sold its 1.9% equity ownership interest in WPG Holdings Co., Ltd. ("WPG") for proceeds of $40,542 and accordingly recorded a gain on sale of investment of $29,743 ( $18,269 net of related taxes or $.19 and $.18 per share on a basic and diluted basis, respectively). The fair value of the company's available-for-sale securities is as follows at December 31: 2015 2014 Marubun Mutual Funds Marubun Mutual Funds Cost basis $ 10,016 $ 17,389 $ 10,016 $ 16,233 Unrealized holding gain 8,708 5,065 6,174 5,686 Fair value $ 18,724 $ 22,454 $ 16,190 $ 21,919 The fair values 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 "Accumulated other comprehensive income (loss)" 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. 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 "Accumulated other comprehensive income (loss)." The ineffective portion of the interest rate swaps, if any, is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. In January 2015, the company entered into four seven-year forward-starting interest rate swaps (the "2015 swaps") which locked in an average treasury rate of 1.98% on a total aggregate notional amount of $200,000 . These 2015 swaps were designated as cash flow hedges and managed the risk associated with changes in treasury rates and the impact of future interest payments on the anticipated debt issuances to replace the company's 3.375% notes due to mature in November 2015. In February 2015, the company received $896 in connection with the termination of the 2015 swaps upon issuance of the seven-year notes due in 2022. The fair value of the 2015 swaps is recorded in the shareholders' equity section in the company's consolidated balance sheets in "Accumulated other comprehensive income (loss)" and is being reclassified into income over the seven-year term of the notes due in 2022. For the year ended December 31, 2015 , the company reclassified into income $98 relating to the 2015 swaps. In April 2014, the company entered into an interest rate swap, with a notional amount of $50,000 . This swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.00% notes to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 4.43% at December 31, 2015 ), through its maturity. The swap is classified as a fair value hedge and had a fair value of $583 at December 31, 2015 . In April 2014, the company entered into an interest rate swap, with a notional amount of $50,000 . This swap modifies the company's interest rate exposure by effectively converting a portion of the fixed 6.875% senior debentures to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread (an effective interest rate of 5.96% at December 31, 2015 ), through its maturity. The swap is classified as a fair value hedge and had a fair value of $128 at December 31, 2015 . 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 is classified as a cash flow hedge. During 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 "Accumulated other comprehensive income (loss)" and is being reclassified into income over the ten-year term of the notes due in 2023. For the 2011 swap, the company reclassified into income $(690) , $(656) , and $(245) in 2015 , 2014 , and 2013 , respectively. In December 2010, the company entered into interest rate swaps, with an aggregate notional amount of $250,000 . The swaps modified the company's interest rate exposure by effectively converting the fixed 3.375% notes due in November 2015 to a floating rate, based on the three-month U.S. dollar LIBOR plus a spread, through its maturity. In September 2011, these interest rate swap agreements were terminated for proceeds of $11,856 , net of accrued interest. The proceeds of the swap terminations, less accrued interest, were reflected as a premium to the underlying debt and were being amortized as a reduction to interest expense over the remaining term of the underlying debt. In March 2015, the unamortized premium was included in the loss on prepayment of debt recorded as a result of the redemption of the 3.375% notes due November 2015 (see Note 6). In June 2004 and November 2009, the company entered into interest rate swaps, with an aggregate notional amount of $275,000 . The swaps modified the company's interest rate exposure by effectively converting a portion of the fixed 6.875% senior notes due in July 2013 to a floating rate, based on the six-month U.S. dollar LIBOR plus a spread, through its maturity. In September 2011, these interest rate swap agreements were terminated for proceeds of $12,203 , net of accrued interest. The proceeds of the swap terminations, less accrued interest, were reflected as a premium to the underlying debt and were amortized as a reduction to interest expense over the term of the underlying debt. 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 December 31, 2015 and 2014 was $382,025 and $401,048 , respectively. The fair values of derivative instruments in the consolidated balance sheets are as follows at December 31: Asset (Liability) Derivatives Fair Value Balance Sheet Location 2015 2014 Derivative instruments designated as hedges: Interest rate swaps designated as fair value hedges Other liabilities $ — $ (3 ) Interest rate swaps designated as fair value hedges Other assets 711 381 Foreign exchange contracts designated as cash flow hedges Other current assets 896 960 Foreign exchange contracts designated as cash flow hedges Accrued expenses (572 ) (376 ) Total derivative instruments designated as hedging instruments 1,035 962 Derivative instruments not designated as hedges: Foreign exchange contracts Other current assets 1,729 2,404 Foreign exchange contracts Accrued expenses (2,791 ) (2,294 ) Total derivative instruments not designated as hedging instruments (1,062 ) 110 Total $ (27 ) $ 1,072 The effect of derivative instruments on the consolidated statements of operations is as follows for the years ended December 31: Gain (Loss) Recognized in Income 2015 2014 2013 Fair value hedges: Interest rate swaps (a) $ — $ — $ — Total $ — $ — $ — Derivative instruments not designated as hedges: Foreign exchange contracts (b) $ 1,825 $ (793 ) $ (144 ) Total $ 1,825 $ (793 ) $ (144 ) Cash Flow Hedges Interest Rate Swaps (c) Foreign Exchange Contracts (d) 2015 Effective portion : Gain (loss) recognized in other comprehensive income $ 827 $ (1,001 ) Gain (loss) reclassified into income $ (592 ) $ 2,930 Ineffective portion : Gain recognized in income $ 69 $ — 2014 Effective portion : Gain recognized in other comprehensive income $ — $ 412 Loss reclassified into income $ (656 ) $ (402 ) Ineffective portion : Gain (loss) recognized in income $ — $ — 2013 Effective portion : Gain (loss) recognized in other comprehensive income $ 3,132 $ (243 ) Gain (loss) reclassified into income $ (537 ) $ 439 Ineffective portion : Gain recognized in income $ 292 $ — (a) The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. (b) The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" 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 "Interest and other financing expense, net" in the company's consolidated statements of operations. The gain (loss) amounts reclassified into income relate to the termination of swaps. (d) 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. Contingent Consideration The company estimates the fair value of contingent consideration as the present value of the expected contingent payments, determined using the weighted probability of possible payments. The company reassesses the fair value of contingent consideration on a quarterly basis. At December 31, 2015 , contingent consideration of $3,889 was included in "Accrued Expenses" in the company's consolidated balance sheet in connection with two acquisitions prior to 2015. There was no contingent consideration recorded in connection with the 2015 acquisitions. For the acquisitions prior to 2015 , payment of a portion of the respective purchase price is contingent upon the achievement of certain operating results, with a maximum possible payout of $8,400 in 2016. 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 December 31, 2015 . 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | Income Taxes The provision for income taxes for the years ended December 31 consists of the following: 2015 2014 2013 Current: Federal $ 82,532 $ 101,857 $ 85,173 State 18,022 20,123 15,845 International 85,310 88,707 81,052 185,864 210,687 182,070 Deferred: Federal 12,127 (1,097 ) 22,973 State (1,828 ) (2,071 ) 2,438 International (4,466 ) (22,576 ) (25,138 ) 5,833 (25,744 ) 273 $ 191,697 $ 184,943 $ 182,343 The principal causes of the difference between the U.S. federal statutory tax rate of 35% and effective income tax rates for the years ended December 31 are as follows: 2015 2014 2013 United States $ 281,579 $ 317,400 $ 326,990 International 410,604 365,933 255,229 Income before income taxes $ 692,183 $ 683,333 $ 582,219 Provision at statutory tax rate $ 242,264 $ 239,166 $ 203,777 State taxes, net of federal benefit 10,526 11,734 11,885 International effective tax rate differential (56,132 ) (56,865 ) (22,059 ) Change in valuation allowance (205 ) (7,803 ) (8,253 ) Other non-deductible expenses 3,530 4,040 2,840 Changes in tax accruals (7,423 ) 1,335 (1,336 ) Other (863 ) (6,664 ) (4,511 ) Provision for income taxes $ 191,697 $ 184,943 $ 182,343 During 2013, the company recorded an increase in the provision for income taxes, inclusive of penalties, of $20,809 ( $.20 per share on both a basic and diluted basis) and interest expense of $1,623 ( $1,236 net of related taxes or $.01 per share on both a basic and diluted basis) relating to the settlement of certain international tax matters. At December 31, 2015 , the company had a liability for unrecognized tax benefits of $36,935 (substantially all of which, if recognized, would favorably affect the company's effective tax rate), of which approximately $525 is expected to be paid over the next twelve months. The company does not believe there will be any other material changes in its unrecognized tax positions over the next twelve months. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows: 2015 2014 2013 Balance at beginning of year $ 44,701 $ 45,987 $ 46,980 Additions based on tax positions taken during a prior period 2,568 3,792 22,170 Reductions based on tax positions taken during a prior period (9,482 ) (7,737 ) (3,684 ) Additions based on tax positions taken during the current period 8,440 5,518 7,593 Reductions related to settlement of tax matters (4,143 ) (317 ) (24,450 ) Reductions related to a lapse of applicable statute of limitations (5,149 ) (2,542 ) (2,622 ) Balance at end of year $ 36,935 $ 44,701 $ 45,987 Interest costs related to unrecognized tax benefits are classified as a component of "Interest and other financing expense, net" in the company's consolidated statements of operations. In 2015 , 2014 , and 2013 the company recognized $(3,247) , $1,570 , and $267 , respectively, of interest expense related to unrecognized tax benefits. At December 31, 2015 and 2014 , the company had a liability for the payment of interest of $8,878 and $12,173 , respectively, related to unrecognized tax benefits. In many cases the company's uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2015 : United States - Federal 2012 - present United States - States 2008 - present Germany (a) 2010 - present Hong Kong 2009 - present Italy (a) 2008 - present Sweden 2010 - present United Kingdom 2013 - present (a) Includes federal as well as local jurisdictions. Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. The significant components of the company's deferred tax assets and liabilities, included primarily in "Other current assets," "Other assets," "Accrued expenses," and "Other liabilities" in the company's consolidated balance sheets, consist of the following at December 31: 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 102,005 $ 113,414 Inventory adjustments 48,467 42,635 Allowance for doubtful accounts 13,371 16,055 Accrued expenses 43,044 44,369 Interest carryforward 26,051 34,558 Stock-based compensation awards 26,911 22,819 Other comprehensive income items 16,232 19,885 Integration and restructuring 4,117 2,737 Other 7,892 — 288,090 296,472 Valuation allowance (8,149 ) (8,353 ) Total deferred tax assets $ 279,941 $ 288,119 Deferred tax liabilities: Goodwill $ (113,788 ) $ (81,716 ) Depreciation (83,291 ) (78,151 ) Intangible assets (31,481 ) (30,372 ) Other — (1,654 ) Total deferred tax liabilities $ (228,560 ) $ (191,893 ) Total net deferred tax assets $ 51,381 $ 96,226 At December 31, 2015 , the company had international tax loss carryforwards of approximately $282,026 , of which $8,089 have expiration dates ranging from 2016 to 2034, and the remaining $273,937 have no expiration date. Deferred tax assets related to these international tax loss carryforwards were $85,637 with a corresponding valuation allowance of $3,697 . The company also has Federal net operating loss carryforwards of approximately $38,643 at December 31, 2015 which relate to acquired subsidiaries. These Federal net operating losses expire in various years beginning after 2020. The company has an agreement with the sellers of an acquired business to reimburse them for the company's utilization of certain Federal net operating loss carryforwards. Valuation allowances reflect the deferred tax benefits that management is uncertain of the ability to utilize in the future. Cumulative undistributed earnings of international subsidiaries were $3,286,018 at December 31, 2015 . No deferred Federal income taxes were provided for the undistributed earnings as they are permanently reinvested in the company's international operations. Income taxes paid, net of income taxes refunded, amounted to $182,668 , $223,909 , and $235,102 in 2015 , 2014 , and 2013 , respectively. |
Restructuring, Integration, and
Restructuring, Integration, and Other Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |
Restructuring, Integration and Other Charges [Text Block] | Restructuring, Integration, and Other Charges In 2015 , 2014 , and 2013 , the company recorded restructuring, integration, and other charges of $68,765 ( $51,305 net of related taxes or $.54 per share on both a basic and diluted basis), $39,841 ( $29,324 net of related taxes or $.30 and $.29 per share on a basic and diluted basis, respectively), and $92,650 ( $65,601 net of related taxes or $.64 and $.63 per share on a basic and diluted basis, respectively), respectively. The following table presents the components of the restructuring, integration, and other charges for the years ended December 31 : 2015 2014 2013 Restructuring and integration charge - current period actions $ 39,119 $ 38,347 $ 79,921 Restructuring and integration charges - actions taken in prior periods 4,084 1,130 794 Acquisition-related expenses and other charges 25,562 364 11,935 $ 68,765 $ 39,841 $ 92,650 2015 Restructuring and Integration Charge The following table presents the components of the 2015 restructuring and integration charge of $39,119 and activity in the related restructuring and integration accrual for 2015 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 33,850 $ 4,223 $ 1,046 $ 39,119 Payments (17,569 ) (3,335 ) (204 ) (21,108 ) Non-cash usage — (482 ) (679 ) (1,161 ) Foreign currency translation 40 (3 ) (4 ) 33 Balance as of December 31, 2015 $ 16,321 $ 403 $ 159 $ 16,883 The restructuring and integration charge of $39,119 in 2015 includes personnel costs of $33,850 , facilities costs of $4,223 , and other costs of $1,046 . These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. 2014 Restructuring and Integration Charge The following table presents the components of the 2014 restructuring and integration charge of $38,347 and activity in the related restructuring and integration accrual for 2014 and 2015 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 29,268 $ 5,591 $ 3,488 $ 38,347 Payments (20,172 ) (3,082 ) (1,511 ) (24,765 ) Non-cash usage — — (729 ) (729 ) Foreign currency translation (474 ) (30 ) (1 ) (505 ) Balance as of December 31, 2014 8,622 2,479 1,247 12,348 Restructuring and integration charge 180 885 1,915 2,980 Payments (6,688 ) (1,955 ) (1,140 ) (9,783 ) Non-cash usage — (252 ) (2,022 ) (2,274 ) Foreign currency translation (558 ) (90 ) — (648 ) Balance as of December 31, 2015 $ 1,556 $ 1,067 $ — $ 2,623 The restructuring and integration charge of $38,347 in 2014 includes personnel costs of $29,268 , facilities costs of $5,591 , and other costs of $3,488 . These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. Restructuring and Integration Accruals Related to Actions Taken Prior to 2014 Included in restructuring, integration, and other charges for 2015 are restructuring and integration charges and other charges of $1,104 related to restructuring and integration actions taken prior to 2014 . The restructuring and integration charge includes adjustments to personnel costs of $(451) and facilities costs of $1,555 . The restructuring and integration accruals related to actions taken prior to 2014 of $2,472 , include accruals for personnel costs of $1,198 , and accruals for facilities costs of $1,274 . Restructuring and Integration Accrual Summary In summary, the restructuring and integration accruals aggregate $21,978 at December 31, 2015 , all of which are expected to be spent in cash, and are expected to be utilized as follows: • The accruals for personnel costs totaling $19,075 relate to the termination of personnel that have scheduled payouts of $18,757 in 2016 and $318 in 2017. • The accruals for facilities totaling $2,744 relate to vacated leased properties that have scheduled payments of $2,402 in 2017 , $190 in 2018 , and $152 in 2019 . • Other accruals of $159 are expected to be spent within one year. Acquisition-Related Expenses and Other Charges Included in restructuring, integration, and other charges for 2015 are acquisition-related expenses of $19,565 , primarily consisting of charges related to 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 and other fees directly related to recent acquisition activity. Included in restructuring, integration, and other charges for 2014 are acquisition-related expenses of $364 , primarily consisting of changes in the fair value of contingent consideration and professional fees directly related to acquisition activity, offset in part, by an insurance recovery related to environmental matters in connection with the Wyle Electronics ("Wyle") acquisition. Included in restructuring, integration, and other charges for 2013 are acquisition-related expenses of $11,935 , primarily consisting of charges related to 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 acquisition activity. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity [Text Block] | Shareholders' Equity Accumulated Other Comprehensive Income (Loss) The following table presents the changes in Accumulated other comprehensive income (loss), excluding non-controlling interests: 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, 2013 $ 248,425 $ 20,644 $ (4,594 ) $ (38,923 ) $ 225,552 Other comprehensive income (loss) before reclassifications (a) (265,432 ) 5,344 — (14,630 ) (274,718 ) Amounts reclassified into income (loss) 402 (18,269 ) 403 2,013 (15,451 ) Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2014 (265,030 ) (12,925 ) 403 (12,617 ) (290,169 ) Balance as of December 31, 2014 (16,605 ) 7,719 (4,191 ) (51,540 ) (64,617 ) Other comprehensive income (loss) before reclassifications (a) (221,791 ) 814 550 15 (220,412 ) Amounts reclassified into income (2,930 ) — 321 2,932 323 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2015 (224,721 ) 814 871 2,947 (220,089 ) Balance as of December 31, 2015 $ (241,326 ) $ 8,533 $ (3,320 ) $ (48,593 ) $ (284,706 ) (a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $30,960 and $57,109 for 2015 and 2014 , respectively. Common Stock Outstanding Activity The following table sets forth the activity in the number of shares outstanding (in thousands): Common Stock Issued Treasury Stock Common Stock Outstanding Common stock outstanding at December 31, 2012 125,424 19,423 106,001 Shares issued for stock-based compensation awards — (2,772 ) 2,772 Repurchases of common stock — 8,837 (8,837 ) Common stock outstanding at December 31, 2013 125,424 25,488 99,936 Shares issued for stock-based compensation awards — (1,506 ) 1,506 Repurchases of common stock — 5,547 (5,547 ) Common stock outstanding at December 31, 2014 125,424 29,529 95,895 Shares issued for stock-based compensation awards — (1,155 ) 1,155 Repurchases of common stock — 6,127 (6,127 ) Common stock outstanding at December 31, 2015 125,424 34,501 90,923 The company has 2,000,000 authorized shares of serial preferred stock with a par value of one dollar. There were no shares of serial preferred stock outstanding at December 31, 2015 and 2014 . Share-Repurchase Programs During 2014, the company's Board of Directors (the "Board") approved the repurchase of up to $400,000 ( $200,000 in May and December, respectively) of the company's common stock through a share-repurchase program. In September 2015, the company's Board approved an additional repurchase of up to $400,000 of the company's common stock. As of December 31, 2015 , the company repurchased 8,474,574 shares under these programs with a market value of $480,217 at the dates of repurchase, of which 2,617,991 shares with a market value of $149,631 were repurchased during the fourth quarter of 2015. |
Net Income Per Share
Net Income Per Share | 12 Months Ended |
Dec. 31, 2015 | |
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 for the years ended December 31 (shares in thousands): 2015 2014 2013 Net income attributable to shareholders $ 497,726 $ 498,045 $ 399,420 Weighted-average shares outstanding - basic 94,608 98,675 102,559 Net effect of various dilutive stock-based compensation awards 1,078 1,272 1,140 Weighted-average shares outstanding - diluted 95,686 99,947 103,699 Net income per share: Basic $ 5.26 $ 5.05 $ 3.89 Diluted (a) $ 5.20 $ 4.98 $ 3.85 (a) Stock-based compensation awards for the issuance of 658 shares, 294 shares, and 874 shares for the years ended December 31, 2015 , 2014 , and 2013 , respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Employee Stock Plans
Employee Stock Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Plans [Text Block] | Employee Stock Plans Omnibus Plan The company maintains the Arrow Electronics, Inc. 2004 Omnibus Incentive Plan (the "Omnibus Plan"), which provides an array of equity alternatives available to the company when designing compensation incentives. The Omnibus Plan permits the grant of cash-based awards, non-qualified stock options, incentive stock options ("ISOs"), stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, covered employee annual incentive awards, and other stock-based awards. The Compensation Committee of the company's Board of Directors (the "Compensation Committee") determines the vesting requirements, termination provision, and the terms of the award for any awards under the Omnibus Plan when such awards are issued. Under the terms of the Omnibus Plan, a maximum of 21,800,000 shares of common stock may be awarded, subject to adjustment. In October 2015, the company registered an additional 5,600,000 shares of common stock reserved for issuance pursuant to the Omnibus Plan. There were 7,553,173 and 3,228,748 shares available for grant under the Omnibus Plan as of December 31, 2015 and 2014 , respectively. Generally, shares are counted against the authorization only to the extent that they are issued. Restricted stock, restricted stock units, performance shares, and performance units count against the authorization at a rate of 1.69 to 1. Stock Options Under the Omnibus Plan, the company may grant both ISOs and non-qualified stock options. ISOs may only be granted to employees of the company, its subsidiaries, and its affiliates. The exercise price for options cannot be less than the fair market value of Arrow's common stock on the date of grant. Options generally become exercisable in equal installments over a four-year period. Options currently outstanding have terms of ten years. The following information relates to the stock option activity for the year ended December 31, 2015 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2014 1,860,693 $ 40.67 Granted 402,612 62.14 Exercised (408,559 ) 36.47 Forfeited (41,548 ) 44.63 Outstanding at December 31, 2015 1,813,198 46.29 78 months $ 18,435 Exercisable at December 31, 2015 869,317 37.64 57 months $ 14,598 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the company's closing stock price on the last trading day of 2015 and the exercise price, multiplied by the number of in-the-money options) received by the option holders had all option holders exercised their options on December 31, 2015 . This amount changes based on the market value of the company's stock. The total intrinsic value of options exercised during 2015 , 2014 , and 2013 was $10,400 , $15,360 , and $16,345 , respectively. Cash received from option exercises during 2015 , 2014 , and 2013 was $14,900 , $21,788 , and $36,014 , respectively, and is included within the financing activities section in the company's consolidated statements of cash flows. The actual tax benefit realized from share-based payment awards during 2015 , 2014 , and 2013 was $16,593 , $18,718 , and $21,882 , respectively. The fair value of stock options was estimated using the Black-Scholes valuation model with the following weighted-average assumptions for the years ended December 31: 2015 2014 2013 Volatility (percent) (a) 28 37 41 Expected term (in years) (b) 4.8 5.3 5.4 Risk-free interest rate (percent) (c) 1.5 1.6 1.0 (a) Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. (b) The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. (c) The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. There is no expected dividend yield. The weighted-average fair value per option granted was $19.10 , $20.32 , and $15.83 during 2015 , 2014 , and 2013 , respectively. Performance Awards The Compensation Committee, subject to the terms and conditions of the Omnibus Plan, may grant performance share and/or performance unit awards (collectively "performance awards"). The fair value of a performance award is the fair market value of the company's common stock on the date of grant. Such awards will be earned only if performance goals over performance periods established by or under the direction of the Compensation Committee are met. The performance goals and periods may vary from participant-to-participant, group-to-group, and time-to-time. The performance awards will be delivered in common stock at the end of the service period based on the company's actual performance compared to the target metric and may be from 0% to 175% of the initial award. Compensation expense is recognized using the graded vesting method over the three-year service period and is adjusted each period based on the current estimate of performance compared to the target metric. Restricted Stock Subject to the terms and conditions of the Omnibus Plan, the Compensation Committee may grant shares of restricted stock and/or restricted stock units. Restricted stock units are similar to restricted stock except that no shares are actually awarded to the participant on the date of grant. Shares of restricted stock and/or restricted stock units awarded under the Omnibus Plan may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable period of restriction established by the Compensation Committee and specified in the award agreement (and in the case of restricted stock units until the date of delivery or other payment). Compensation expense is recognized on a straight-line basis as shares become free of forfeiture restrictions (i.e., vest) generally over a four-year period. Non-Employee Director Awards The company's Board shall set the amounts and types of equity awards that shall be granted to all non-employee directors on a periodic, nondiscriminatory basis pursuant to the Omnibus Plan, as well as any additional amounts, if any, to be awarded, also on a periodic, nondiscriminatory basis, based on each of the following: the number of committees of the Board on which a non-employee director serves, service of a non-employee director as the chair of a Committee of the Board, service of a non-employee director as Chairman of the Board or Lead Director, or the first selection or appointment of an individual to the Board as a non-employee director. Non-employee directors currently receive annual awards of fully-vested restricted stock units valued at $130 . All restricted stock units are settled in common stock following the director's separation from the Board. Unless a non-employee director gives notice setting forth a different percentage, 50% of each director's annual retainer fee is deferred and converted into units based on the fair market value of the company's stock as of the date it was payable. Upon a non-employee director's termination of Board service, each unit in their deferral account will be converted into a share of company stock and distributed to the non-employee director as soon as practicable following such date. Summary of Non-Vested Shares The following information summarizes the changes in non-vested performance shares, performance units, restricted stock, and restricted stock units for 2015 : Shares Weighted- Average Grant Date Fair Value Non-vested shares at December 31, 2014 1,764,272 $ 45.78 Granted 615,091 58.68 Vested (770,453 ) 42.14 Forfeited (76,648 ) 59.72 Non-vested shares at December 31, 2015 1,532,262 52.09 The total fair value of shares vested during 2015 , 2014 , and 2013 was $48,118 , $47,583 , and $59,876 , respectively. As of December 31, 2015 , there was $43,084 of total unrecognized compensation cost related to non-vested shares and stock options which is expected to be recognized over a weighted-average period of 2.17 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans [Text Block] | Employee Benefit Plans The company maintains an unfunded Arrow supplemental executive retirement plan ("SERP") under which the company will pay supplemental pension benefits to certain employees upon retirement. As of December 31, 2015 , there were 8 current and 20 former corporate officers participating in this plan. The Board determines those employees who are eligible to participate in the Arrow SERP. The Arrow SERP, as amended, provides for the pension benefits to be based on a percentage of average final compensation, based on years of participation in the Arrow SERP. The Arrow SERP permits early retirement, with payments at a reduced rate, based on age and years of service subject to a minimum retirement age of 55 . Participants whose accrued rights under the Arrow SERP, prior to the 2002 amendment, which were adversely affected by the amendment, will continue to be entitled to such greater rights. Additionally, as part of the company's acquisition of Wyle in 2000, Wyle provided retirement benefits for certain employees under a defined benefit plan. Benefits under this plan were frozen as of December 31, 2000. The company uses a December 31 measurement date for the Arrow SERP and the Wyle defined benefit plan. Pension information for the year ended December 31 is as follows: Arrow SERP Wyle Defined Benefit Plan 2015 2014 2015 2014 Accumulated benefit obligation $ 83,310 $ 76,261 $ 129,029 $ 136,298 Changes in projected benefit obligation: Projected benefit obligation at beginning of year $ 85,114 $ 75,312 $ 136,298 $ 126,481 Service cost 1,669 1,330 — — Interest cost 3,484 3,280 5,318 5,491 Actuarial loss (gain) 2,220 8,668 (6,571 ) 10,206 Benefits paid (3,758 ) (3,476 ) (6,016 ) (5,880 ) Projected benefit obligation at end of year $ 88,729 $ 85,114 $ 129,029 $ 136,298 Changes in plan assets: Fair value of plan assets at beginning of year $ — $ — $ 105,598 $ 104,714 Actual return on plan assets — — 2,277 2,264 Company contributions — — — 4,500 Benefits paid — — (6,016 ) (5,880 ) Fair value of plan assets at end of year $ — $ — $ 101,859 $ 105,598 Funded status $ (88,729 ) $ (85,114 ) $ (27,170 ) $ (30,700 ) Amounts recognized in the company's consolidated balance sheets: Current liabilities $ (3,816 ) $ (3,700 ) $ — $ — Noncurrent liabilities (84,913 ) (81,414 ) (27,170 ) (30,700 ) Net liabilities at end of year $ (88,729 ) $ (85,114 ) $ (27,170 ) $ (30,700 ) Components of net periodic pension cost: Service cost $ 1,669 $ 1,330 $ — $ — Interest cost 3,484 3,280 5,318 5,491 Expected return on plan assets — — (7,159 ) (7,066 ) Amortization of net loss 3,615 1,997 1,668 1,270 Amortization of prior service cost 25 42 — — Net periodic pension cost $ 8,793 $ 6,649 $ (173 ) $ (305 ) Weighted-average assumptions used to determine benefit obligation: Discount rate 4.00 % 4.00 % 4.25 % 4.00 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 6.25 % 6.75 % Weighted-average assumptions used to determine net periodic pension cost: Discount rate 4.00 % 4.50 % 4.00 % 4.50 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 6.75 % 6.75 % The amounts reported for net periodic pension cost and the respective benefit obligation amounts are dependent upon the actuarial assumptions used. The company reviews historical trends, future expectations, current market conditions, and external data to determine the assumptions. The discount rate represents the market rate for a high-quality corporate bond. The rate of compensation increase is determined by the company, based upon its long-term plans for such increases. The expected return on plan assets is based on current and expected asset allocations, historical trends, and projected returns on those assets. The actuarial assumptions used to determine the net periodic pension cost are based upon the prior year's assumptions used to determine the benefit obligation. Benefit payments are expected to be paid as follows: Arrow SERP Wyle Defined Benefit Plan 2016 $ 3,885 $ 6,918 2017 3,853 7,019 2018 4,365 7,073 2019 5,729 7,249 2020 5,689 7,429 2021-2025 29,531 38,759 The company makes contributions to the Wyle defined benefit plan so that minimum contribution requirements, as determined by government regulations, are met. The company made contributions of $0 and $4,500 in 2015 and 2014 , respectively. The company does not expect to make contributions in 2016 . The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2015 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 40,757 $ — $ — $ 40,757 International mutual funds 14,750 — — 14,750 Index mutual funds 13,812 — — 13,812 Fixed Income : Mutual funds 29,345 — — 29,345 Insurance contracts — 3,195 — 3,195 Total $ 98,664 $ 3,195 $ — $ 101,859 The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2014 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 44,100 $ — $ — $ 44,100 International mutual funds 14,873 — — 14,873 Index mutual funds 16,477 — — 16,477 Fixed Income : Mutual funds 29,134 — — 29,134 Insurance contracts — 1,014 — 1,014 Total $ 104,584 $ 1,014 $ — $ 105,598 The investment portfolio contains a diversified blend of common stocks, bonds, cash equivalents, and other investments, which may reflect varying rates of return. The investments are further diversified within each asset classification. The portfolio diversification provides protection against a single security or class of securities having a disproportionate impact on aggregate performance. The long-term target allocations for plan assets are 65% in equities and 35% in fixed income, although the actual plan asset allocations may be within a range around these targets. The actual asset allocations are reviewed and rebalanced on a periodic basis to maintain the target allocations. Comprehensive Income Items In 2015 , 2014 , and 2013 , actuarial (gains) losses of $185 , $14,901 , and $(7,615) , respectively, were recognized in comprehensive income, net of related taxes, related to the company's defined benefit plans. In 2015 , 2014 , and 2013 , the following amounts were recognized as a reclassification adjustment of comprehensive income, net of related taxes, as a result of being recognized in net periodic pension cost: prior service cost of $15 , $19 , and $19 , respectively and an actuarial loss of $3,282 , $1,994 , and $2,854 , respectively. Included in accumulated other comprehensive income (loss) at December 31, 2015 and 2014 are the following amounts, net of related taxes, that have not yet been recognized in net periodic pension cost: unrecognized prior service costs (credits) of $0 and $(12) , respectively, and unrecognized actuarial losses of $46,725 and $49,491 , respectively. The prior service cost and actuarial loss included in accumulated other comprehensive income (loss), net of related taxes, which are expected to be recognized in net periodic pension cost for the year ended December 31, 2016 are $0 and $3,123 , respectively. Defined Contribution Plan The company has defined contribution plans for eligible employees, which qualify under Section 401(k) of the Internal Revenue Code. The company's contribution to the plans, which are based on a specified percentage of employee contributions, amounted to $13,604 , $12,584 , and $14,102 in 2015 , 2014 , and 2013 , respectively. The company made discretionary contributions to the company's defined benefit 401(k) plan, which amounted to $7,151 , $7,139 , and $7,403 in 2015 , 2014 , and 2013 , respectively. Certain international subsidiaries maintain separate defined contribution plans for their employees and made contributions thereunder, which amounted to $26,945 , $27,284 , and $26,038 in 2015 , 2014 , and 2013 , respectively. |
Lease Comitments
Lease Comitments | 12 Months Ended |
Dec. 31, 2015 | |
Lease Commitments [Abstract] | |
Lease Commitments [Table Text Block] | Lease Commitments The company leases certain office, distribution, and other property under non-cancelable operating leases expiring at various dates through 2026 . Rental expense under non-cancelable operating leases, net of sublease income, amounted to $77,405 , $77,392 , and $79,966 in 2015 , 2014 , and 2013 , respectively. Aggregate minimum rental commitments under all non-cancelable operating leases, exclusive of real estate taxes, insurance, and leases related to facilities closed as a result of the integration of acquired businesses and the restructuring of the company, are as follows: 2016 $ 63,781 2017 50,491 2018 34,891 2019 26,755 2020 21,246 Thereafter 38,627 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies [Text Block] | Contingencies Settlement of Legal Matter In connection with the purchase of 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. 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 $37,000 from certain insurance carriers relating to environmental clean-up matters at the Norco site. 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 will 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 In February 2015, the company and the Alabama Department of Environmental Management ("ADEM") finalized and executed a consent decree in connection with the Huntsville, Alabama site. Characterization of the extent of contaminated soil and groundwater continues at the site. Under the direction of the ADEM, approximately $4,500 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 $400 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 $50,000 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 $14,070 to $24,500 . 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 has 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. In January 2015, the Court of Appeals confirmed the French court's ruling; however, the ruling remains subject to a final appeal 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. Antitrust Investigation On January 21, 2014, the company received a Civil Investigative Demand in connection with an investigation by the Federal Trade Commission ("FTC") relating generally to the use of a database program (the “database program”) that has operated for more than ten years under the auspices of the Global Technology Distribution Council ("GTDC"), a trade group of which the company is a member. Under the database program, certain members of the GTDC who participate in the program provide sales data to a third party independent contractor chosen by the GTDC. The data is aggregated by the third party and the aggregated data is made available to the program participants. The company understands that other members participating in the database program have received similar Civil Investigative Demands. In April 2014, the company responded to the Civil Investigative Demand. The Civil Investigative Demand merely sought information, and no proceedings have been instituted against any person. The company continues to believe that there has not been any conduct by the company or its employees that would be actionable under the antitrust laws in connection with its participation in the database program. Since this matter is at a preliminary stage, it is not possible to predict the potential impact, if any, of the Civil Investigative Demand or whether any actions may be instituted by the FTC against any person. 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 Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
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, for the years ended December 31 are as follows: 2015 2014 2013 Sales: Global components $ 14,405,793 $ 14,313,026 $ 13,495,766 Global ECS 8,876,227 8,455,648 7,861,519 Consolidated $ 23,282,020 $ 22,768,674 $ 21,357,285 Operating income (loss): Global components $ 649,396 $ 653,992 $ 575,612 Global ECS 424,063 389,571 350,442 Corporate (a) (248,977 ) (281,306 ) (232,554 ) Consolidated $ 824,482 $ 762,257 $ 693,500 (a) Includes restructuring, integration, and other charges of $68,765 , $39,841 , and $92,650 in 2015 , 2014 , and 2013 , respectively. Also included is a non-cash impairment charge associated with discontinuing the use of a trade name of $78,000 in 2014 . Total assets, by segment, at December 31 are as follows: 2015 2014 Global components $ 7,276,143 $ 6,952,342 Global ECS 5,074,529 4,761,628 Corporate 671,258 721,331 Consolidated $ 13,021,930 $ 12,435,301 Sales, by geographic area, for the years ended December 31 are as follows: 2015 2014 2013 Americas (b) $ 11,721,528 $ 11,340,277 $ 11,023,076 EMEA 6,788,738 6,864,104 6,221,569 Asia/Pacific 4,771,754 4,564,293 4,112,640 Consolidated $ 23,282,020 $ 22,768,674 $ 21,357,285 (b) Includes sales related to the United States of $10,761,932 , $10,359,936 , and $10,074,361 in 2015 , 2014 , and 2013 , respectively. Net property, plant, and equipment, by geographic area, is as follows: 2015 2014 Americas (c) $ 582,973 $ 537,967 EMEA 88,727 76,487 Asia/Pacific 28,478 21,845 Consolidated $ 700,178 $ 636,299 (c) Includes net property, plant, and equipment related to the United States of $580,791 and $535,397 at December 31, 2015 and 2014 , respectively. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data [Text Block] | Quarterly Financial Data (Unaudited) The company operates on a quarterly calendar that closes on the Saturday closest to the end of the calendar quarter, except for the third quarter of 2015, which closed on September 26, 2015. A summary of the company's consolidated quarterly results of operations is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Sales $ 5,002,385 $ 5,829,989 $ 5,698,304 $ 6,751,342 Gross profit 685,322 768,595 742,367 838,966 Net income attributable to shareholders 106,058 (b) 123,932 (c) 109,244 (d) 158,492 (e) Net income per share (a): Basic $ 1.11 (b) $ 1.30 (c) $ 1.16 (d) $ 1.71 (e) Diluted $ 1.09 (b) $ 1.28 (c) $ 1.15 (d) $ 1.69 (e) 2014 Sales $ 5,082,040 $ 5,676,539 $ 5,613,216 $ 6,396,879 Gross profit 703,828 747,521 728,687 815,859 Net income attributable to shareholders 107,120 (f) 127,884 (g) 146,864 (h) 116,177 (i) Net income per share (a): Basic $ 1.07 (f) $ 1.29 (g) $ 1.49 (h) $ 1.20 (i) Diluted $ 1.06 (f) $ 1.27 (g) $ 1.47 (h) $ 1.18 (i) (a) Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. (b) Includes identifiable intangible asset amortization ( $9,029 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $12,569 net of related taxes or $ .13 per share on both a basic and diluted basis). Also included is a loss on prepayment of debt ( $1,808 net of related taxes or $.02 per share on both a basic and diluted basis) and a gain on sale of investment ( $1,667 net of related taxes or $.02 per share on both a basic and diluted basis). (c) Includes identifiable intangible asset amortization ( $11,169 net of related taxes or $.12 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($ 12,895 net of related taxes or $.13 per share on both a basic and diluted basis). Also included is a loss on investment ( $921 net of related taxes or $.01 per share on both a basic and diluted basis). (d) Includes identifiable intangible asset amortization ( $11,521 net of related taxes or $.12 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $12,642 net of related taxes or $.13 per share on both a basic and diluted basis). (e) Includes identifiable intangible asset amortization ( $9,537 net of related taxes or $.10 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $13,198 net of related taxes or $.14 per share on both a basic and diluted basis). Also included is a loss on investment ( $921 net of related taxes or $.01 per share on both a basic and diluted basis). (f) Includes identifiable intangible asset amortization ( $8,907 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $8,020 net of related taxes or $.08 per share on both a basic and diluted basis). (g) Includes identifiable intangible asset amortization ( $8,867 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $7,526 net of related taxes or $.08 and $.07 per share on a basic and diluted basis, respectively). (h) Includes identifiable intangible asset amortization ( $9,086 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $2,556 net of related taxes or $.03 per share on both a basic and diluted basis). Also included is a gain on sale of investment ( $18,269 net of related taxes or $.19 and $.18 per share on a basic and diluted basis, respectively). (i) Includes identifiable intangible asset amortization ( $9,105 net of related taxes or $.09 per share on both a basic and diluted basis), restructuring, integration, and other charges ( $11,222 net of related taxes or $.12 and $.11 per share on a basic and diluted basis, respectively), and a non-cash impairment charge associated with discontinuing the use of a trade name ( $47,911 net of related taxes or $.49 per share on both a basic and diluted basis). |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In thousands) Balance at beginning of year Charged to income Other (a) Write-down Balance at end of year Allowance for doubtful accounts: Year ended December 31, 2015 $ 59,188 $ (2,484 ) $ 2,093 $ 9,138 $ 49,659 Year ended December 31, 2014 $ 64,129 $ 656 $ 682 $ 6,279 $ 59,188 Year ended December 31, 2013 $ 54,238 $ 9,201 $ 8,098 $ 7,408 $ 64,129 (a) Represents the allowance for doubtful accounts of the businesses acquired by the company during 2015 , 2014 , and 2013 . |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event In January 2016, the company was the target of criminal fraud by persons impersonating a company executive, which resulted in unauthorized transfers of cash from a Company account in Europe to outside bank accounts in Asia. Investigations and legal actions by the company and law enforcement are ongoing and the results of, and timing to conclude, these investigations is uncertain. To date, the findings of our investigation indicate that this is an isolated event not associated with a security breach or loss of data. The company expects to record a one-time charge of approximately of $13,000 in the first quarter of 2016. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the company and its majority-owned subsidiaries. All significant intercompany transactions are eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the company to make significant estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments, which are readily convertible into cash, with original maturities of three months or less. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market. Cost approximates the first-in, first-out method. Substantially all inventories represent finished goods held for sale. |
Property, Plant, and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment Property, plant, and equipment are stated at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The estimated useful lives for depreciation of buildings is generally 20 to 30 years, and the estimated useful lives of machinery and equipment is generally three to ten years. Leasehold improvements are amortized over the shorter of the term of the related lease or the life of the improvement. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If the carrying value of the asset can not be recovered from estimated future cash flows, undiscounted and without interest, the fair value of the asset is calculated using the present value of estimated net future cash flows. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. |
Internal Use Software, Policy [Policy Text Block] | Software Development Costs The company capitalizes certain internal and external costs incurred to acquire or create internal-use software. Capitalized software costs are amortized on a straight-line basis over the estimated useful life of the software, which is generally three to ten years. At December 31, 2015 and 2014 , the company had unamortized software development costs of $433,146 and $411,056 , respectively, which are included in "Machinery and equipment" in the company's consolidated balance sheets. |
Identifiable Intangible Assets, Policy [Policy Text Block] | Identifiable Intangible Assets Amortization of definite-lived intangible assets is computed on the straight-line method over the estimated useful lives of the assets, while indefinite-lived intangible assets are not amortized. Identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The company also tests indefinite-lived intangible assets, consisting of acquired trade names, for impairment at least annually as of the first day of the fourth quarter. If the fair value is less than the carrying amount of the asset, a loss is recognized for the difference. |
Investments, Policy [Policy Text Block] | Investments Investments are accounted for using the equity method if the investment provides the company the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if the company has an ownership interest in the voting stock of the investee between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, are considered in determining whether the equity method is appropriate. The company records its investments in equity method investees meeting these characteristics as "Investments in affiliated companies" in the company's consolidated balance sheets. All other equity investments, which consist of investments for which the company does not possess the ability to exercise significant influence, are accounted for under the cost method, if privately held, or as available-for-sale, if publicly traded, and are included in "Other assets" in the company's consolidated balance sheets. Under the cost method of accounting, investments are carried at cost and are adjusted only for other-than-temporary declines in realizable value and additional investments. The company accounts for available-for-sale investments at fair value, using quoted market prices, and the related holding gains and losses are included in "Accumulated other comprehensive income (loss)" in the shareholders' equity section in the company's consolidated balance sheets. The company assesses its long-term investments accounted for as available-for-sale on an ongoing basis to determine whether declines in market value below cost are other-than-temporary. When the decline is determined to be other-than-temporary, the cost basis for the individual security is reduced and a loss is realized in the company's consolidated statement of operations in the period in which it occurs. The company makes such determination after considering the length of time and the extent to which the market value of the investment is less than its cost, the financial condition and operating results of the investee, and the company's intent and ability to retain the investment over time to potentially allow for any recovery in market value. In addition, the company assesses the following factors: • broad economic factors impacting the investee's industry; • publicly available forecasts for sales and earnings growth for the industry and investee; and • the cyclical nature of the investee's industry. The company could incur an impairment charge in future periods if, among other factors, the investee's future earnings differ from currently available forecasts. |
Cost in Excess of Net Assets of Companies Acquired, Policy [Policy Text Block] | Cost in Excess of Net Assets of Companies Acquired Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill for impairment annually as of the first day of the fourth quarter and/or when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Examples of such events and circumstances that the company would consider include the following: • macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets; • industry and market considerations such as a deterioration in the environment in which the company operates, an increased competitive environment, a decline in market-dependent multiples or metrics (considered in both absolute terms and relative to peers), a change in the market for the company's products or services, or a regulatory or political development; • cost factors such as increases in raw materials, labor, or other costs that have a negative effect on earnings and cash flows; • overall financial performance such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods; • other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation; • events affecting a reporting unit such as a change in the composition or carrying amount of its net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, the testing for recoverability of a significant asset group within a reporting unit, or recognition of a goodwill impairment loss in the financial statements of a subsidiary that is a component of a reporting unit; and • a sustained decrease in share price (considered in both absolute terms and relative to peers). Goodwill is tested at a level of reporting referred to as "the reporting unit." The company's reporting units are defined as each of the three regional businesses within the global components business segment, which are the Americas, EMEA (Europe, Middle East, and Africa), and Asia/Pacific and each of the two regional businesses within the global ECS business segment, which are North America and EMEA. An entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The company has elected not to perform the qualitative assessment and began its impairment testing with the first step of the two-step impairment process. The first step, used to identify potential impairment, compares the calculated fair value of a reporting unit with its carrying amount. If the carrying amount of the reporting unit is less than its fair value, no impairment exists and the second step is not performed. If the carrying amount of a reporting unit exceeds its fair value, the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any. The second step of the goodwill impairment test compares the implied fair value of the reporting unit goodwill with the carrying amount of that goodwill. If the carrying amount of the reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for the excess. The company estimates the fair value of a reporting unit using the income approach. For the purposes of the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. The assumptions included in the income approach include forecasted revenues, gross profit margins, operating income margins, working capital cash flow, forecasted capital expenditures, perpetual growth rates, and long-term discount rates, among others, all of which require significant judgments by management. Actual results may differ from those assumed in the company's forecasts. The company also reconciles its discounted cash flow analysis to its current market capitalization allowing for a reasonable control premium. As of the first day of the fourth quarters of 2015, 2014, and 2013, the company's annual impairment testing did not indicate impairment at any of the company's reporting units. |
Foreign Currency Remeasurement and Translation, Policy [Policy Text Block] | Foreign Currency Translation and Remeasurement The assets and liabilities of international operations are translated at the exchange rates in effect at the balance sheet date. Revenue and expense accounts are translated at the monthly average exchange rates. Adjustments arising from the translation of the foreign currency financial statements of the company's international operations are reported as a component of "Accumulated other comprehensive income (loss)" in the company's consolidated balance sheets. For foreign currency remeasurement from each local currency into the appropriate functional currency, monetary assets and liabilities are remeasured to functional currencies using current exchange rates in effect at the balance sheet date. Gains or losses from these remeasurements were not significant and have been included in the company’s consolidated statements of operations. Non-monetary assets and liabilities are recorded at historical exchange rates. |
Income Taxes, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method. Deferred income taxes reflect the tax consequences on future years of differences between the tax bases of assets and liabilities and their financial reporting amounts. The carrying value of the company's deferred tax assets is dependent upon the company's ability to generate sufficient future taxable income in certain tax jurisdictions. Should the company determine that it is more likely than not that some portion or all of its deferred tax assets will not be realized, a valuation allowance to the deferred tax assets would be established in the period such determination was made. It is the company's policy to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. To the extent the company prevails in matters for which a liability for an unrecognized tax benefit is established or is required to pay amounts in excess of the liability, the company's effective tax rate in a given financial statement period may be affected. |
Net Income Per Share, Policy [Policy Text Block] | Net Income Per Share Basic net income per share is computed by dividing net income attributable to shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of consolidated net income, foreign currency translation adjustment, employee benefit plan items, and unrealized gains or losses on investment securities and interest rate swaps designated as cash flow hedges. Unrealized gains or losses on investment securities and interest rate swaps are net of any reclassification adjustments for realized gains or losses included in consolidated net income. Foreign currency translation adjustments included in comprehensive income were not tax effected as investments in international affiliates are deemed to be permanent. All other comprehensive income items are net of related income taxes. |
Stock-based Compensation, Policy [Policy Text Block] | Stock-Based Compensation The company records share-based payment awards exchanged for employee services at fair value on the date of grant and expenses the awards in the consolidated statements of operations over the requisite employee service period. Stock-based compensation expense includes an estimate for forfeitures. Stock-based compensation expense related to awards with a market or performance condition is generally recognized over the vesting period of the award utilizing the graded vesting method, while all other awards are recognized on a straight-line basis. The company recorded, as a component of selling, general, and administrative expenses, amortization of stock-based compensation of $47,274 , $41,930 , and $36,923 in 2015 , 2014 , and 2013 , respectively. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The company's operations are classified into two reportable business segments: global components and global ECS. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The company recognizes revenue when there is persuasive evidence of an arrangement, delivery has occurred or services are rendered, the sales price is fixed or determinable, and collectibility is reasonably assured. Revenue typically is recognized at time of shipment. Sales are recorded net of discounts, rebates, and returns, which historically have not been material. A portion of the company's business involves shipments directly from its suppliers to its customers. In these transactions, the company is responsible for negotiating price both with the supplier and customer, payment to the supplier, establishing payment terms with the customer, product returns, and has risk of loss if the customer does not make payment. As the principal with the customer, the company recognizes the sale and cost of sale of the product upon receiving notification from the supplier that the product was shipped. The company has certain business with select customers and suppliers that is accounted for on an agency basis (that is, the company recognizes the fees associated with serving as an agent in sales with no associated cost of sales). Generally, these transactions relate to the sale of supplier service contracts to customers where the company has no future obligation to perform under these contracts or the rendering of logistics services for the delivery of inventory for which the company does not assume the risks and rewards of ownership. |
Shipping and Handling Costs, Policy [Policy Text Block] | Shipping and Handling Costs The company reports shipping and handling costs, primarily related to outbound freight, in the consolidated statements of operations as a component of selling, general, and administrative expenses. Shipping and handling costs included in selling, general, and administrative expenses totaled $77,399 , $85,591 , and $92,620 in 2015 , 2014 , and 2013 , respectively. |
Reclassification, Policy [Policy Text Block] | Reclassification Certain prior year amounts were reclassified to conform to the current year presentation. |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | 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. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | 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. |
Fair Value of Debt Policy [Policy Text Block] | 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. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
ComputerLinks [Member] | ||
Business Acquisition [Line Items] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the ComputerLinks acquisition: Accounts receivable, net $ 177,700 Inventories 58,041 Other current assets 11,168 Property, plant, and equipment 7,070 Other assets 1,480 Identifiable intangible assets 39,195 Cost in excess of net assets acquired 275,442 Accounts payable (213,456 ) Accrued expenses (51,270 ) Other liabilities (13,142 ) Cash consideration paid, net of cash acquired $ 292,228 | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | In connection with the ComputerLinks acquisition, the company allocated the following amounts to identifiable intangible assets: Weighted-Average Life Customer relationships 9 years $ 37,125 Other intangible assets (a) 2,070 Total identifiable intangible assets $ 39,195 | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the company's consolidated results of operations for 2013 , as well as the unaudited pro forma consolidated results of operations of the company, as though the 2013 acquisitions occurred on January 1: For the Year Ended December 31, 2013 As Reported Pro Forma Sales $ 21,357,285 $ 22,191,263 Net income attributable to shareholders 399,420 408,290 Net income per share: Basic $ 3.89 $ 3.98 Diluted $ 3.85 $ 3.94 | |
immixGroup [Member] | ||
Business Acquisition [Line Items] | ||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the preliminary allocation of the net consideration paid to the fair value of the assets acquired and liabilities assumed for the immixGroup acquisition: Accounts receivable, net $ 145,130 Other current assets 26,647 Property, plant, and equipment 1,569 Other assets 5,313 Identifiable intangible assets 53,700 Cost in excess of net assets acquired 174,074 Accounts payable (136,921 ) Accrued expenses (11,736 ) Other liabilities (5,527 ) Cash consideration paid, net of cash acquired $ 252,249 | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the company's consolidated results of operations for 2015 and 2014, as well as the unaudited pro forma consolidated results of operations of the company, as though the 2015 acquisitions occurred on January 1: For the Years Ended December 31, 2015 2014 As Reported Pro Forma As Reported Pro Forma Sales $ 23,282,020 $ 23,684,746 $ 22,768,674 $ 24,189,797 Net income attributable to shareholders 497,726 500,554 498,045 518,859 Net income per share: Basic $ 5.26 $ 5.29 $ 5.05 $ 5.26 Diluted $ 5.20 $ 5.23 $ 4.98 $ 5.19 |
Cost in Excess of Net Assets 29
Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Components Global ECS Total Balance as of December 31, 2013 (a) $ 1,000,860 $ 1,038,433 $ 2,039,293 Acquisitions 63,077 47,974 111,051 Foreign currency translation adjustment (12,154 ) (68,981 ) (81,135 ) Balance as of December 31, 2014 (a) 1,051,783 1,017,426 2,069,209 Acquisitions 187,977 174,074 362,051 Foreign currency translation adjustment (8,928 ) (53,500 ) (62,428 ) Balance as of December 31, 2015 (a) $ 1,230,832 $ 1,138,000 $ 2,368,832 (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. |
Schedule of Definite and Indefinite Lived Intangible Assets [Table Text Block] | Intangible assets, net, are comprised of the following as of December 31, 2014 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 402,036 (171,071 ) 230,965 Developed technology 5 years 8,806 (5,444 ) 3,362 Other intangible assets (b) 1,719 (1,335 ) 384 $ 513,561 $ (177,850 ) $ 335,711 (b) Consists of non-competition agreements with useful lives ranging from two to three years. Intangible assets, net, are comprised of the following as of December 31, 2015 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 498,319 (215,263 ) 283,056 Developed technology 5 years 13,154 (7,894 ) 5,260 Other intangible assets (b) 917 (907 ) 10 $ 613,390 $ (224,064 ) $ 389,326 |
Investments in Affiliated Com30
Investments in Affiliated Companies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Text Block] | The following table presents the company's investment in the following joint ventures at December 31: 2015 2014 Marubun/Arrow $ 62,530 $ 58,617 Altech Industries 8,261 10,507 Other 2,585 — $ 73,376 $ 69,124 |
Equity in Earnings of Affiliated Companies | The equity in earnings of affiliated companies for the years ended December 31 consists of the following: 2015 2014 2013 Marubun/Arrow $ 6,212 $ 6,510 $ 6,386 Altech Industries 592 808 1,043 Other 233 — — $ 7,037 $ 7,318 $ 7,429 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Accounts receivable, net, consists of the following at December 31: 2015 2014 Accounts receivable $ 6,211,077 $ 6,103,038 Allowances for doubtful accounts (49,659 ) (59,188 ) Accounts receivable, net $ 6,161,418 $ 6,043,850 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 (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Short-term Debt [Line Items] | |
Schedule of Long-term Debt Instruments [Text Block] | Long-term debt consists of the following at December 31: 2015 2014 Revolving credit facility $ 72,000 $ — Asset securitization program 75,000 275,000 3.375% notes, due 2015 — 251,955 6.875% senior debentures, due 2018 198,886 198,424 3.00% notes, due 2018 298,197 297,408 6.00% notes, due 2020 298,932 298,680 5.125% notes, due 2021 248,566 248,287 3.50% notes, due 2022 345,061 — 4.50% notes, due 2023 296,194 295,765 4.00% notes, due 2025 344,092 — 7.50% senior debentures, due 2027 198,366 198,219 Interest rate swaps designated as fair value hedges 710 378 Other obligations with various interest rates and due dates 4,571 3,782 $ 2,380,575 $ 2,067,898 |
Schedule of Fair Value of Debt [Text Block] | he estimated fair market value at December 31, using quoted market prices, is as follows: 2015 2014 3.375% notes, due 2015 $ — $ 255,000 6.875% senior debentures, due 2018 218,000 232,000 3.00% notes, due 2018 303,000 309,000 6.00% notes, due 2020 330,000 339,000 5.125% notes, due 2021 267,500 277,500 3.50% notes, due 2022 343,000 — 4.50% notes, due 2023 309,000 321,000 4.00% notes, due 2025 336,000 — 7.50% senior debentures, due 2027 238,000 254,000 |
Financial Instruments Measure33
Financial Instruments Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 : Level 1 Level 2 Level 3 Total Available-for-sale securities 41,178 — — 41,178 Interest rate swaps — 711 — 711 Foreign exchange contracts — (738 ) — (738 ) Contingent consideration — — (3,889 ) (3,889 ) $ 41,178 $ (27 ) $ (3,889 ) $ 37,262 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2014 : Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 99,000 $ — $ — $ 99,000 Available-for-sale securities 38,109 — — 38,109 Interest rate swaps — 378 — 378 Foreign exchange contracts — 694 — 694 Contingent consideration — — (6,202 ) (6,202 ) $ 137,109 $ 1,072 $ (6,202 ) $ 131,979 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table summarizes the Level 3 activity for the year ended December 31, 2015 : Balance as of December 31, 2014 $ (6,202 ) Fair value of initial contingent consideration — Change in fair value of contingent consideration included in earnings (1,128 ) Payment of contingent consideration (a) 3,000 Foreign currency translation adjustment 441 Balance as of December 31, 2015 $ (3,889 ) |
Available-for-sale Securities [Text Block] | The fair value of the company's available-for-sale securities is as follows at December 31: 2015 2014 Marubun Mutual Funds Marubun Mutual Funds Cost basis $ 10,016 $ 17,389 $ 10,016 $ 16,233 Unrealized holding gain 8,708 5,065 6,174 5,686 Fair value $ 18,724 $ 22,454 $ 16,190 $ 21,919 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Text Block] | The fair values of derivative instruments in the consolidated balance sheets are as follows at December 31: Asset (Liability) Derivatives Fair Value Balance Sheet Location 2015 2014 Derivative instruments designated as hedges: Interest rate swaps designated as fair value hedges Other liabilities $ — $ (3 ) Interest rate swaps designated as fair value hedges Other assets 711 381 Foreign exchange contracts designated as cash flow hedges Other current assets 896 960 Foreign exchange contracts designated as cash flow hedges Accrued expenses (572 ) (376 ) Total derivative instruments designated as hedging instruments 1,035 962 Derivative instruments not designated as hedges: Foreign exchange contracts Other current assets 1,729 2,404 Foreign exchange contracts Accrued expenses (2,791 ) (2,294 ) Total derivative instruments not designated as hedging instruments (1,062 ) 110 Total $ (27 ) $ 1,072 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | The effect of derivative instruments on the consolidated statements of operations is as follows for the years ended December 31: Gain (Loss) Recognized in Income 2015 2014 2013 Fair value hedges: Interest rate swaps (a) $ — $ — $ — Total $ — $ — $ — Derivative instruments not designated as hedges: Foreign exchange contracts (b) $ 1,825 $ (793 ) $ (144 ) Total $ 1,825 $ (793 ) $ (144 ) Cash Flow Hedges Interest Rate Swaps (c) Foreign Exchange Contracts (d) 2015 Effective portion : Gain (loss) recognized in other comprehensive income $ 827 $ (1,001 ) Gain (loss) reclassified into income $ (592 ) $ 2,930 Ineffective portion : Gain recognized in income $ 69 $ — 2014 Effective portion : Gain recognized in other comprehensive income $ — $ 412 Loss reclassified into income $ (656 ) $ (402 ) Ineffective portion : Gain (loss) recognized in income $ — $ — 2013 Effective portion : Gain (loss) recognized in other comprehensive income $ 3,132 $ (243 ) Gain (loss) reclassified into income $ (537 ) $ 439 Ineffective portion : Gain recognized in income $ 292 $ — (a) The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. (b) The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" 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 "Interest and other financing expense, net" in the company's consolidated statements of operations. The gain (loss) amounts reclassified into income relate to the termination of swaps. (d) 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. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes for the years ended December 31 consists of the following: 2015 2014 2013 Current: Federal $ 82,532 $ 101,857 $ 85,173 State 18,022 20,123 15,845 International 85,310 88,707 81,052 185,864 210,687 182,070 Deferred: Federal 12,127 (1,097 ) 22,973 State (1,828 ) (2,071 ) 2,438 International (4,466 ) (22,576 ) (25,138 ) 5,833 (25,744 ) 273 $ 191,697 $ 184,943 $ 182,343 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The principal causes of the difference between the U.S. federal statutory tax rate of 35% and effective income tax rates for the years ended December 31 are as follows: 2015 2014 2013 United States $ 281,579 $ 317,400 $ 326,990 International 410,604 365,933 255,229 Income before income taxes $ 692,183 $ 683,333 $ 582,219 Provision at statutory tax rate $ 242,264 $ 239,166 $ 203,777 State taxes, net of federal benefit 10,526 11,734 11,885 International effective tax rate differential (56,132 ) (56,865 ) (22,059 ) Change in valuation allowance (205 ) (7,803 ) (8,253 ) Other non-deductible expenses 3,530 4,040 2,840 Changes in tax accruals (7,423 ) 1,335 (1,336 ) Other (863 ) (6,664 ) (4,511 ) Provision for income taxes $ 191,697 $ 184,943 $ 182,343 |
Reconciliation of Unrecognized Tax Benefits [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows: 2015 2014 2013 Balance at beginning of year $ 44,701 $ 45,987 $ 46,980 Additions based on tax positions taken during a prior period 2,568 3,792 22,170 Reductions based on tax positions taken during a prior period (9,482 ) (7,737 ) (3,684 ) Additions based on tax positions taken during the current period 8,440 5,518 7,593 Reductions related to settlement of tax matters (4,143 ) (317 ) (24,450 ) Reductions related to a lapse of applicable statute of limitations (5,149 ) (2,542 ) (2,622 ) Balance at end of year $ 36,935 $ 44,701 $ 45,987 |
Summary of Open Tax Years by Major Jurisdiction [Table Text Block] | In many cases the company's uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of December 31, 2015 : United States - Federal 2012 - present United States - States 2008 - present Germany (a) 2010 - present Hong Kong 2009 - present Italy (a) 2008 - present Sweden 2010 - present United Kingdom 2013 - present (a) Includes federal as well as local jurisdictions. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The significant components of the company's deferred tax assets and liabilities, included primarily in "Other current assets," "Other assets," "Accrued expenses," and "Other liabilities" in the company's consolidated balance sheets, consist of the following at December 31: 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 102,005 $ 113,414 Inventory adjustments 48,467 42,635 Allowance for doubtful accounts 13,371 16,055 Accrued expenses 43,044 44,369 Interest carryforward 26,051 34,558 Stock-based compensation awards 26,911 22,819 Other comprehensive income items 16,232 19,885 Integration and restructuring 4,117 2,737 Other 7,892 — 288,090 296,472 Valuation allowance (8,149 ) (8,353 ) Total deferred tax assets $ 279,941 $ 288,119 Deferred tax liabilities: Goodwill $ (113,788 ) $ (81,716 ) Depreciation (83,291 ) (78,151 ) Intangible assets (31,481 ) (30,372 ) Other — (1,654 ) Total deferred tax liabilities $ (228,560 ) $ (191,893 ) Total net deferred tax assets $ 51,381 $ 96,226 |
Restructuring, Integration, a35
Restructuring, Integration, and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs [Text Block] | The following table presents the components of the restructuring, integration, and other charges for the years ended December 31 : 2015 2014 2013 Restructuring and integration charge - current period actions $ 39,119 $ 38,347 $ 79,921 Restructuring and integration charges - actions taken in prior periods 4,084 1,130 794 Acquisition-related expenses and other charges 25,562 364 11,935 $ 68,765 $ 39,841 $ 92,650 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | 2015 Restructuring and Integration Charge The following table presents the components of the 2015 restructuring and integration charge of $39,119 and activity in the related restructuring and integration accrual for 2015 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 33,850 $ 4,223 $ 1,046 $ 39,119 Payments (17,569 ) (3,335 ) (204 ) (21,108 ) Non-cash usage — (482 ) (679 ) (1,161 ) Foreign currency translation 40 (3 ) (4 ) 33 Balance as of December 31, 2015 $ 16,321 $ 403 $ 159 $ 16,883 The restructuring and integration charge of $39,119 in 2015 includes personnel costs of $33,850 , facilities costs of $4,223 , and other costs of $1,046 . These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. 2014 Restructuring and Integration Charge The following table presents the components of the 2014 restructuring and integration charge of $38,347 and activity in the related restructuring and integration accrual for 2014 and 2015 : Personnel Costs Facilities Costs Other Total Restructuring and integration charge $ 29,268 $ 5,591 $ 3,488 $ 38,347 Payments (20,172 ) (3,082 ) (1,511 ) (24,765 ) Non-cash usage — — (729 ) (729 ) Foreign currency translation (474 ) (30 ) (1 ) (505 ) Balance as of December 31, 2014 8,622 2,479 1,247 12,348 Restructuring and integration charge 180 885 1,915 2,980 Payments (6,688 ) (1,955 ) (1,140 ) (9,783 ) Non-cash usage — (252 ) (2,022 ) (2,274 ) Foreign currency translation (558 ) (90 ) — (648 ) Balance as of December 31, 2015 $ 1,556 $ 1,067 $ — $ 2,623 The restructuring and integration charge of $38,347 in 2014 includes personnel costs of $29,268 , facilities costs of $5,591 , and other costs of $3,488 . These restructuring initiatives are due to the company's continued efforts to lower cost and drive operational efficiency. Integration costs are primarily related to the integration of acquired businesses within the company's pre-existing business and the consolidation of certain operations. Restructuring and Integration Accruals Related to Actions Taken Prior to 2014 Included in restructuring, integration, and other charges for 2015 are restructuring and integration charges and other charges of $1,104 related to restructuring and integration actions taken prior to 2014 . The restructuring and integration charge includes adjustments to personnel costs of $(451) and facilities costs of $1,555 . The restructuring and integration accruals related to actions taken prior to 2014 of $2,472 , include accruals for personnel costs of $1,198 , and accruals for facilities costs of $1,274 . |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes in Accumulated other comprehensive income (loss), excluding non-controlling interests: 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, 2013 $ 248,425 $ 20,644 $ (4,594 ) $ (38,923 ) $ 225,552 Other comprehensive income (loss) before reclassifications (a) (265,432 ) 5,344 — (14,630 ) (274,718 ) Amounts reclassified into income (loss) 402 (18,269 ) 403 2,013 (15,451 ) Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2014 (265,030 ) (12,925 ) 403 (12,617 ) (290,169 ) Balance as of December 31, 2014 (16,605 ) 7,719 (4,191 ) (51,540 ) (64,617 ) Other comprehensive income (loss) before reclassifications (a) (221,791 ) 814 550 15 (220,412 ) Amounts reclassified into income (2,930 ) — 321 2,932 323 Net change in accumulated other comprehensive income (loss) for the year ended December 31, 2015 (224,721 ) 814 871 2,947 (220,089 ) Balance as of December 31, 2015 $ (241,326 ) $ 8,533 $ (3,320 ) $ (48,593 ) $ (284,706 ) (a) Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature of $30,960 and $57,109 for 2015 and 2014 , respectively. |
Schedule of Stock by Class [Table Text Block] | The following table sets forth the activity in the number of shares outstanding (in thousands): Common Stock Issued Treasury Stock Common Stock Outstanding Common stock outstanding at December 31, 2012 125,424 19,423 106,001 Shares issued for stock-based compensation awards — (2,772 ) 2,772 Repurchases of common stock — 8,837 (8,837 ) Common stock outstanding at December 31, 2013 125,424 25,488 99,936 Shares issued for stock-based compensation awards — (1,506 ) 1,506 Repurchases of common stock — 5,547 (5,547 ) Common stock outstanding at December 31, 2014 125,424 29,529 95,895 Shares issued for stock-based compensation awards — (1,155 ) 1,155 Repurchases of common stock — 6,127 (6,127 ) Common stock outstanding at December 31, 2015 125,424 34,501 90,923 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 for the years ended December 31 (shares in thousands): 2015 2014 2013 Net income attributable to shareholders $ 497,726 $ 498,045 $ 399,420 Weighted-average shares outstanding - basic 94,608 98,675 102,559 Net effect of various dilutive stock-based compensation awards 1,078 1,272 1,140 Weighted-average shares outstanding - diluted 95,686 99,947 103,699 Net income per share: Basic $ 5.26 $ 5.05 $ 3.89 Diluted (a) $ 5.20 $ 4.98 $ 3.85 (a) Stock-based compensation awards for the issuance of 658 shares, 294 shares, and 874 shares for the years ended December 31, 2015 , 2014 , and 2013 , respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Employee Stock Plans (Tables)
Employee Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following information relates to the stock option activity for the year ended December 31, 2015 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at December 31, 2014 1,860,693 $ 40.67 Granted 402,612 62.14 Exercised (408,559 ) 36.47 Forfeited (41,548 ) 44.63 Outstanding at December 31, 2015 1,813,198 46.29 78 months $ 18,435 Exercisable at December 31, 2015 869,317 37.64 57 months $ 14,598 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the company's closing stock price on the last trading day of 2015 and the exercise price, multiplied by the number of in-the-money options) received by the option holders had all option holders exercised their options on December 31, 2015 . This amount changes based on the market value of the company's stock. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of stock options was estimated using the Black-Scholes valuation model with the following weighted-average assumptions for the years ended December 31: 2015 2014 2013 Volatility (percent) (a) 28 37 41 Expected term (in years) (b) 4.8 5.3 5.4 Risk-free interest rate (percent) (c) 1.5 1.6 1.0 (a) Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. (b) The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. (c) The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. There is no expected dividend yield. |
Schedule of Nonvested Share Activity [Table Text Block] | The following information summarizes the changes in non-vested performance shares, performance units, restricted stock, and restricted stock units for 2015 : Shares Weighted- Average Grant Date Fair Value Non-vested shares at December 31, 2014 1,764,272 $ 45.78 Granted 615,091 58.68 Vested (770,453 ) 42.14 Forfeited (76,648 ) 59.72 Non-vested shares at December 31, 2015 1,532,262 52.09 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The company uses a December 31 measurement date for the Arrow SERP and the Wyle defined benefit plan. Pension information for the year ended December 31 is as follows: Arrow SERP Wyle Defined Benefit Plan 2015 2014 2015 2014 Accumulated benefit obligation $ 83,310 $ 76,261 $ 129,029 $ 136,298 Changes in projected benefit obligation: Projected benefit obligation at beginning of year $ 85,114 $ 75,312 $ 136,298 $ 126,481 Service cost 1,669 1,330 — — Interest cost 3,484 3,280 5,318 5,491 Actuarial loss (gain) 2,220 8,668 (6,571 ) 10,206 Benefits paid (3,758 ) (3,476 ) (6,016 ) (5,880 ) Projected benefit obligation at end of year $ 88,729 $ 85,114 $ 129,029 $ 136,298 Changes in plan assets: Fair value of plan assets at beginning of year $ — $ — $ 105,598 $ 104,714 Actual return on plan assets — — 2,277 2,264 Company contributions — — — 4,500 Benefits paid — — (6,016 ) (5,880 ) Fair value of plan assets at end of year $ — $ — $ 101,859 $ 105,598 Funded status $ (88,729 ) $ (85,114 ) $ (27,170 ) $ (30,700 ) Amounts recognized in the company's consolidated balance sheets: Current liabilities $ (3,816 ) $ (3,700 ) $ — $ — Noncurrent liabilities (84,913 ) (81,414 ) (27,170 ) (30,700 ) Net liabilities at end of year $ (88,729 ) $ (85,114 ) $ (27,170 ) $ (30,700 ) Components of net periodic pension cost: Service cost $ 1,669 $ 1,330 $ — $ — Interest cost 3,484 3,280 5,318 5,491 Expected return on plan assets — — (7,159 ) (7,066 ) Amortization of net loss 3,615 1,997 1,668 1,270 Amortization of prior service cost 25 42 — — Net periodic pension cost $ 8,793 $ 6,649 $ (173 ) $ (305 ) Weighted-average assumptions used to determine benefit obligation: Discount rate 4.00 % 4.00 % 4.25 % 4.00 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 6.25 % 6.75 % Weighted-average assumptions used to determine net periodic pension cost: Discount rate 4.00 % 4.50 % 4.00 % 4.50 % Rate of compensation increase 5.00 % 5.00 % N/A N/A Expected return on plan assets N/A N/A 6.75 % 6.75 % |
Schedule of Expected Benefit Payments [Table Text Block] | Benefit payments are expected to be paid as follows: Arrow SERP Wyle Defined Benefit Plan 2016 $ 3,885 $ 6,918 2017 3,853 7,019 2018 4,365 7,073 2019 5,729 7,249 2020 5,689 7,429 2021-2025 29,531 38,759 |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2015 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 40,757 $ — $ — $ 40,757 International mutual funds 14,750 — — 14,750 Index mutual funds 13,812 — — 13,812 Fixed Income : Mutual funds 29,345 — — 29,345 Insurance contracts — 3,195 — 3,195 Total $ 98,664 $ 3,195 $ — $ 101,859 The fair values of the company's pension plan assets for the Wyle defined benefit plan at December 31, 2014 , utilizing the fair value hierarchy discussed in Note 7, are as follows: Level 1 Level 2 Level 3 Total Equities : U.S. common stocks $ 44,100 $ — $ — $ 44,100 International mutual funds 14,873 — — 14,873 Index mutual funds 16,477 — — 16,477 Fixed Income : Mutual funds 29,134 — — 29,134 Insurance contracts — 1,014 — 1,014 Total $ 104,584 $ 1,014 $ — $ 105,598 |
Lease Comitments Lease Commitme
Lease Comitments Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Lease Commitments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Aggregate minimum rental commitments under all non-cancelable operating leases, exclusive of real estate taxes, insurance, and leases related to facilities closed as a result of the integration of acquired businesses and the restructuring of the company, are as follows: 2016 $ 63,781 2017 50,491 2018 34,891 2019 26,755 2020 21,246 Thereafter 38,627 |
Segment and Geographic Inform41
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Text Block] | Sales and operating income (loss), by segment, for the years ended December 31 are as follows: 2015 2014 2013 Sales: Global components $ 14,405,793 $ 14,313,026 $ 13,495,766 Global ECS 8,876,227 8,455,648 7,861,519 Consolidated $ 23,282,020 $ 22,768,674 $ 21,357,285 Operating income (loss): Global components $ 649,396 $ 653,992 $ 575,612 Global ECS 424,063 389,571 350,442 Corporate (a) (248,977 ) (281,306 ) (232,554 ) Consolidated $ 824,482 $ 762,257 $ 693,500 (a) Includes restructuring, integration, and other charges of $68,765 , $39,841 , and $92,650 in 2015 , 2014 , and 2013 , respectively. Also included is a non-cash impairment charge associated with discontinuing the use of a trade name of $78,000 in 2014 |
Reconciliation of Assets from Segment to Consolidated [Text Block] | Total assets, by segment, at December 31 are as follows: 2015 2014 Global components $ 7,276,143 $ 6,952,342 Global ECS 5,074,529 4,761,628 Corporate 671,258 721,331 Consolidated $ 13,021,930 $ 12,435,301 |
Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table [Text Block] | Sales, by geographic area, for the years ended December 31 are as follows: 2015 2014 2013 Americas (b) $ 11,721,528 $ 11,340,277 $ 11,023,076 EMEA 6,788,738 6,864,104 6,221,569 Asia/Pacific 4,771,754 4,564,293 4,112,640 Consolidated $ 23,282,020 $ 22,768,674 $ 21,357,285 (b) Includes sales related to the United States of $10,761,932 , $10,359,936 , and $10,074,361 in 2015 , 2014 , and 2013 , respectively. Net property, plant, and equipment, by geographic area, is as follows: 2015 2014 Americas (c) $ 582,973 $ 537,967 EMEA 88,727 76,487 Asia/Pacific 28,478 21,845 Consolidated $ 700,178 $ 636,299 (c) Includes net property, plant, and equipment related to the United States of $580,791 and $535,397 at December 31, 2015 and 2014 , respectively |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | A summary of the company's consolidated quarterly results of operations is as follows: First Quarter Second Quarter Third Quarter Fourth Quarter 2015 Sales $ 5,002,385 $ 5,829,989 $ 5,698,304 $ 6,751,342 Gross profit 685,322 768,595 742,367 838,966 Net income attributable to shareholders 106,058 (b) 123,932 (c) 109,244 (d) 158,492 (e) Net income per share (a): Basic $ 1.11 (b) $ 1.30 (c) $ 1.16 (d) $ 1.71 (e) Diluted $ 1.09 (b) $ 1.28 (c) $ 1.15 (d) $ 1.69 (e) 2014 Sales $ 5,082,040 $ 5,676,539 $ 5,613,216 $ 6,396,879 Gross profit 703,828 747,521 728,687 815,859 Net income attributable to shareholders 107,120 (f) 127,884 (g) 146,864 (h) 116,177 (i) Net income per share (a): Basic $ 1.07 (f) $ 1.29 (g) $ 1.49 (h) $ 1.20 (i) Diluted $ 1.06 (f) $ 1.27 (g) $ 1.47 (h) $ 1.18 (i) (a) Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. (b) Includes identifiable intangible asset amortization ( $9,029 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $12,569 net of related taxes or $ .13 per share on both a basic and diluted basis). Also included is a loss on prepayment of debt ( $1,808 net of related taxes or $.02 per share on both a basic and diluted basis) and a gain on sale of investment ( $1,667 net of related taxes or $.02 per share on both a basic and diluted basis). (c) Includes identifiable intangible asset amortization ( $11,169 net of related taxes or $.12 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($ 12,895 net of related taxes or $.13 per share on both a basic and diluted basis). Also included is a loss on investment ( $921 net of related taxes or $.01 per share on both a basic and diluted basis). (d) Includes identifiable intangible asset amortization ( $11,521 net of related taxes or $.12 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $12,642 net of related taxes or $.13 per share on both a basic and diluted basis). (e) Includes identifiable intangible asset amortization ( $9,537 net of related taxes or $.10 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $13,198 net of related taxes or $.14 per share on both a basic and diluted basis). Also included is a loss on investment ( $921 net of related taxes or $.01 per share on both a basic and diluted basis). (f) Includes identifiable intangible asset amortization ( $8,907 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $8,020 net of related taxes or $.08 per share on both a basic and diluted basis). (g) Includes identifiable intangible asset amortization ( $8,867 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $7,526 net of related taxes or $.08 and $.07 per share on a basic and diluted basis, respectively). (h) Includes identifiable intangible asset amortization ( $9,086 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ( $2,556 net of related taxes or $.03 per share on both a basic and diluted basis). Also included is a gain on sale of investment ( $18,269 net of related taxes or $.19 and $.18 per share on a basic and diluted basis, respectively). (i) Includes identifiable intangible asset amortization ( $9,105 net of related taxes or $.09 per share on both a basic and diluted basis), restructuring, integration, and other charges ( $11,222 net of related taxes or $.12 and $.11 per share on a basic and diluted basis, respectively), and a non-cash impairment charge associated with discontinuing the use of a trade name ( $47,911 net of related taxes or $.49 per share on both a basic and diluted basis). |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Property Plant and Equipment (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Year | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Unamortized software development costs | $ | $ 433,146 | $ 411,056 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 20 | |
Property, Plant and Equipment, Maximum Useful Life | 30 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 3 | |
Property, Plant and Equipment, Maximum Useful Life | 10 | |
Computer Software, Intangible Asset [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Minimum Useful Life | 3 | |
Property, Plant and Equipment, Maximum Useful Life | 10 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Impairment of Intangible Assets (Excluding Goodwill) | $ 78,000 | ||
Amortization of stock-based compensation | $ 47,274 | 41,930 | $ 36,923 |
Shipping, Handling and Transportation Costs | $ 77,399 | $ 85,591 | $ 92,620 |
Acquisitions (Details)
Acquisitions (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2015USD ($)$ / shares | Sep. 26, 2015USD ($)$ / shares | Jun. 27, 2015USD ($)$ / shares | Mar. 28, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)$ / shares | Sep. 27, 2014USD ($)$ / shares | Jun. 28, 2014USD ($)$ / shares | Mar. 29, 2014USD ($)$ / shares | Dec. 31, 2015USD ($)Acquisitions$ / shares | Dec. 31, 2014USD ($)AcquisitionsYears$ / shares | Dec. 31, 2013USD ($)Acquisitions$ / shares | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Additional Percentage Interest Acquired of Subsidiary Shares from Noncontrolling Interest | $ 0.036 | ||||||||||||||||||||||
Sales | $ 6,751,342,000 | $ 5,698,304,000 | $ 5,829,989,000 | $ 5,002,385,000 | $ 6,396,879,000 | $ 5,613,216,000 | $ 5,676,539,000 | $ 5,082,040,000 | 23,282,020,000 | $ 22,768,674,000 | $ 21,357,285,000 | ||||||||||||
Goodwill | [1] | 2,368,832,000 | 2,069,209,000 | 2,368,832,000 | 2,069,209,000 | 2,039,293,000 | |||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 514,731,000 | 162,881,000 | 367,940,000 | ||||||||||||||||||||
Net income attributable to shareholders | $ 158,492,000 | [2] | $ 109,244,000 | [3] | $ 123,932,000 | [4] | $ 106,058,000 | [5] | $ 116,177,000 | [6] | $ 146,864,000 | [7] | $ 127,884,000 | [8] | $ 107,120,000 | [9] | $ 497,726,000 | $ 498,045,000 | $ 399,420,000 | ||||
Basic | $ / shares | $ 1.71 | [2],[10] | $ 1.16 | [3],[10] | $ 1.30 | [4],[10] | $ 1.11 | [5],[10] | $ 1.20 | [6] | $ 1.49 | [7] | $ 1.29 | [8] | $ 1.07 | [9] | $ 5.26 | $ 5.05 | $ 3.89 | ||||
Diluted | $ / shares | $ 1.69 | [2],[10] | $ 1.15 | [3],[10] | $ 1.28 | [4],[10] | $ 1.09 | [5],[10] | $ 1.18 | [6] | $ 1.47 | [7] | $ 1.27 | [8] | $ 1.06 | [9] | $ 5.20 | [11] | $ 4.98 | [11] | $ 3.85 | [11] | |
Business Acquisition, Pro Forma Revenue | $ 23,684,746,000 | $ 24,189,797,000 | $ 22,191,263,000 | ||||||||||||||||||||
Business Acquisition, Pro Forma Net Income (Loss) | $ 500,554,000 | $ 518,859,000 | $ 408,290,000 | ||||||||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 5.29 | $ 5.26 | $ 3.98 | ||||||||||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 5.23 | $ 5.19 | $ 3.94 | ||||||||||||||||||||
Customer Relationships [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | |||||||||||||||||||||
Other Intangible Assets [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Acquired Finite-lived Intangible Asset, Useful Life, Minimum | Years | 2 | ||||||||||||||||||||||
Acquired Finite-lived Intangible Asset, Useful Life, Maximum | Years | 3 | ||||||||||||||||||||||
immixGroup [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 145,130,000 | $ 145,130,000 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 26,647,000 | 26,647,000 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,569,000 | 1,569,000 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 5,313,000 | 5,313,000 | |||||||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | 280,454 | ||||||||||||||||||||||
Cash Acquired from Acquisition | 28,205,000 | 384,926,000 | |||||||||||||||||||||
Goodwill | 174,074,000 | 174,074,000 | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (136,921,000) | (136,921,000) | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (11,736,000) | (11,736,000) | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (5,527,000) | (5,527,000) | |||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 252,249,000 | $ 252,249,000 | |||||||||||||||||||||
immixGroup [Member] | Customer Relationships [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | ||||||||||||||||||||||
Finite-Lived Customer Relationships, Gross | 53,700,000 | $ 53,700,000 | |||||||||||||||||||||
ComputerLinks [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $ 313,209 | ||||||||||||||||||||||
Cash Acquired from Acquisition | 20,981,000 | ||||||||||||||||||||||
Sales | $ 208,177,000 | ||||||||||||||||||||||
ComputerLinks [Member] | Customer Relationships [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 9 years | ||||||||||||||||||||||
Series of Individually Immaterial Business Acquisitions [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Debt acquired from acquisition | 84,487,000 | ||||||||||||||||||||||
Business Acquisition, Cost of Acquired Entity, Cash Paid | $ 162,881,000 | $ 80,210,000 | |||||||||||||||||||||
Number of Businesses Acquired | Acquisitions | 9 | 5 | 4 | ||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 263,341,000 | ||||||||||||||||||||||
Business Acquisition, Contingent Consideration, at Fair Value | 5,853,000 | $ 4,498,000 | 5,853,000 | $ 4,498,000 | |||||||||||||||||||
Business Combination, Other Amounts Withheld | $ 210,000 | $ 210,000 | |||||||||||||||||||||
Data Modul AG [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 53.70% | 53.70% | |||||||||||||||||||||
[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. | ||||||||||||||||||||||
[2] | restructuring, integration, and other charges ($13,198 net of related taxes or $.14 per share on both a basic and diluted basis) | ||||||||||||||||||||||
[3] | restructuring, integration, and other charges ($12,642 net of related taxes or $.13 per share on both a basic and diluted basis) | ||||||||||||||||||||||
[4] | restructuring, integration, and other charges ($12,895 net of related taxes or $.13 per share on both a basic and diluted basis). Also included is a loss on investment ($921 net of related taxes or $.01 per share on both a basic and diluted basis). | ||||||||||||||||||||||
[5] | Includes identifiable intangible asset amortization ($9,029 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($12,569 net of related taxes or $.13 per share on both a basic and diluted basis) | ||||||||||||||||||||||
[6] | restructuring, integration, and other charges ($11,222 net of related taxes or $.12 and $.11 per share on a basic and diluted basis, respectively), and a non-cash impairment charge associated with discontinuing the use of a trade name ($47,911 net of related taxes or $.49 per share on both a basic and diluted basis). | ||||||||||||||||||||||
[7] | ($9,086 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($2,556 net of related taxes or $.03 per share on both a basic and diluted basis). Also included is a gain on sale of investment ($18,269 net of related taxes or $.19 and $.18 per share on a basic and diluted basis, respectively). | ||||||||||||||||||||||
[8] | ($8,867 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($7,526 net of related taxes or $.08 and $.07 per share on a basic and diluted basis, respectively). | ||||||||||||||||||||||
[9] | restructuring, integration, and other charges ($8,020 net of related taxes or $.08 per share on both a basic and diluted basis) | ||||||||||||||||||||||
[10] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | ||||||||||||||||||||||
[11] | Stock-based compensation awards for the issuance of 658 shares, 294 shares, and 874 shares for the years ended December 31, 2015, 2014, and 2013, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Cost in Excess of Net Assets 46
Cost in Excess of Net Assets of Companies Acquired and Intangible Assets, net - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | [1] | $ 2,069,209 | $ 2,039,293 |
Acquisitions | 362,051 | 111,051 | |
Foreign currency translation adjustment | (62,428) | (81,135) | |
Goodwill, Ending balance | [1] | 2,368,832 | 2,069,209 |
Goodwill, Impaired, Accumulated Impairment Loss | 1,018,780 | ||
Global components [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | [1] | 1,051,783 | 1,000,860 |
Acquisitions | 187,977 | 63,077 | |
Foreign currency translation adjustment | (8,928) | (12,154) | |
Goodwill, Ending balance | [1] | 1,230,832 | 1,051,783 |
Goodwill, Impaired, Accumulated Impairment Loss | 716,925 | ||
Global ECS [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning balance | [1] | 1,017,426 | 1,038,433 |
Acquisitions | 174,074 | 47,974 | |
Foreign currency translation adjustment | (53,500) | (68,981) | |
Goodwill, Ending balance | [1] | 1,138,000 | $ 1,017,426 |
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 47
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 - Intangible Assets (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($)Years$ / shares | Dec. 31, 2013USD ($)$ / shares | |||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||||||||||
Gross carrying amount | $ 613,390 | $ 513,561 | $ 613,390 | $ 513,561 | |||||||||||
Accumulated amortization | (224,064) | (177,850) | (224,064) | (177,850) | |||||||||||
Intangible assets, net | 389,326 | 335,711 | 389,326 | 335,711 | |||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 78,000 | ||||||||||||||
Impairment of intangible assets (excluding Goodwill), Net of Tax | $ 47,911 | ||||||||||||||
Impairment of Intangible Assets (Excluding Goodwill), Net of Tax Per Share Basic | $ / shares | $ 0.49 | ||||||||||||||
Impairment of Intangible Assets (Excluding Goodwill), Net of Tax Per Share Diluted | $ / shares | $ 0.48 | ||||||||||||||
Amortization of Intangible Assets | 51,036 | $ 44,063 | $ 36,769 | ||||||||||||
Amortization of Intangible Assets Net of Tax | (9,537) | $ (11,521) | $ (11,169) | $ (9,029) | (9,105) | $ (9,086) | $ (8,867) | $ (8,907) | $ (41,256) | $ (35,965) | $ (29,339) | ||||
Amortization of Intangible Assets Net of Tax Per Share Basic | $ / shares | $ (0.44) | $ (0.36) | $ (0.29) | ||||||||||||
Amortization of Intangible Assets Net of Tax Per Share Diluted | $ / shares | $ (0.43) | $ (0.36) | $ (0.28) | ||||||||||||
Future Amortization Expense, Year One | 51,758 | $ 51,758 | |||||||||||||
Future Amortization Expense, Year Two | 48,728 | 48,728 | |||||||||||||
Future Amortization Expense, Year Three | 43,198 | 43,198 | |||||||||||||
Future Amortization Expense, Year Four | 36,853 | 36,853 | |||||||||||||
Future Amortization Expense, Year Five | 30,256 | $ 30,256 | |||||||||||||
Customer Relationships [Member] | |||||||||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||||||||||
Weighted Average Useful Life | 10 years | 10 years | |||||||||||||
Gross carrying amount | 498,319 | 402,036 | $ 498,319 | $ 402,036 | |||||||||||
Accumulated amortization | (215,263) | (171,071) | (215,263) | (171,071) | |||||||||||
Intangible assets, net | 283,056 | 230,965 | $ 283,056 | $ 230,965 | |||||||||||
Patented Technology [Member] | |||||||||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||||||||||
Weighted Average Useful Life | 5 years | 5 years | |||||||||||||
Gross carrying amount | 13,154 | 8,806 | $ 13,154 | $ 8,806 | |||||||||||
Accumulated amortization | (7,894) | (5,444) | (7,894) | (5,444) | |||||||||||
Intangible assets, net | 5,260 | 3,362 | 5,260 | 3,362 | |||||||||||
Other Intangible Assets [Member] | |||||||||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||||||||||
Gross carrying amount | 917 | [1] | 1,719 | [2] | 917 | [1] | 1,719 | [2] | |||||||
Accumulated amortization | (907) | [1] | (1,335) | [2] | (907) | [1] | (1,335) | [2] | |||||||
Intangible assets, net | 10 | [1] | 384 | [2] | 10 | [1] | $ 384 | [2] | |||||||
Acquired Finite-lived Intangible Asset, Useful Life, Minimum | Years | 2 | ||||||||||||||
Acquired Finite-lived Intangible Asset, Useful Life, Maximum | Years | 3 | ||||||||||||||
Trade Names [Member] | |||||||||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||||||||||||||
Gross carrying amount | 101,000 | 101,000 | 101,000 | $ 101,000 | |||||||||||
Accumulated amortization | 0 | 0 | 0 | 0 | |||||||||||
Intangible assets, net | $ 101,000 | $ 101,000 | $ 101,000 | $ 101,000 | |||||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ4MDNhMmEyMTI3ZjRkYzVhMWJjMDc0MTAwOWM2Njk4fFRleHRTZWxlY3Rpb246Q0NGMUUyOTAyOUFBM0ZEMEJGN0Q3OTJCQkRBRUIxQTAM} | ||||||||||||||
[2] | Consists of non-competition agreements with useful lives ranging from two to three years. |
Investments in Affiliated Com48
Investments in Affiliated Companies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in affiliated companies | $ 73,376 | $ 69,124 | |
Equity in earnings of affiliated companies | $ 7,037 | 7,318 | $ 7,429 |
Marubun/Arrow [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in affiliated companies | $ 62,530 | 58,617 | |
Equity in earnings of affiliated companies | $ 6,212 | 6,510 | 6,386 |
Altech Industries [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in affiliated companies | $ 8,261 | 10,507 | |
Equity in earnings of affiliated companies | $ 592 | 808 | 1,043 |
Other joint venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in affiliated companies | $ 2,585 | 0 | |
Equity in earnings of affiliated companies | $ 233 | $ 0 | $ 0 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Accounts receivable | $ 6,211,077 | $ 6,103,038 |
Allowances for doubtful accounts | (49,659) | (59,188) |
Accounts receivable, net | $ 6,161,418 | $ 6,043,850 |
Debt - ST Debt (Details)
Debt - ST Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Debt, Current | $ 44,024 | $ 13,454 |
Short-term Debt, Weighted Average Interest Rate | 3.30% | 3.80% |
Short-term borrowings in various countries [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | $ 44,024 | $ 13,454 |
Debt - LT Debt (Details)
Debt - LT Debt (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,380,575 | $ 2,067,898 | |
Accounts receivable, net | 6,161,418 | 6,043,850 | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 44,024 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 78,284 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 569,834 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 530 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 299,588 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,432,279 | ||
Redemption of Notes, Principal Amount | 250,000 | ||
Net proceeds from note offering | 688,162 | 0 | $ 591,156 |
Loss on prepayment of debt | 2,943 | $ 0 | 4,277 |
Loss on prepayment of debt, net of tax | $ 1,808 | (2,627) | |
Extinguishment of Debt Gain Loss Net of Tax Per Share Basic | $ 0.02 | $ 0.03 | |
Extinguishment of Debt Gain Loss Net of Tax Per Share Diluted | $ 0.03 | ||
Investment Income, Interest and Dividend | $ 6,301 | $ 5,552 | 5,632 |
Interest Paid | 133,390 | 120,477 | $ 116,663 |
Asset securitization program [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 75,000 | 275,000 | |
Asset Securitization Program Maximum Capacity | $ 900,000 | ||
Asset Securitization Program Interest Rate Spread At End of Period | 0.40% | ||
Debt Instrument, Interest Rate, Effective Percentage | 0.86% | ||
Asset Securitization Program Facility Fee | 0.40% | ||
Accounts receivable, net | $ 1,871,831 | 2,060,589 | |
3.375% notes, due 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 251,955 | |
Debt Instrument, Fair Value | $ 0 | 255,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | ||
6.875% senior debentures, due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 198,886 | 198,424 | |
Debt Instrument, Fair Value | $ 218,000 | 232,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
3.00% notes, due 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 298,197 | 297,408 | |
Debt Instrument, Fair Value | $ 303,000 | 309,000 | |
Principal Amount of Issuance of Long-term Debt | 300,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
Notes Due in 2018 [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||
6.00% notes, due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 298,932 | 298,680 | |
Debt Instrument, Fair Value | $ 330,000 | 339,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
5.125% notes, due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 248,566 | 248,287 | |
Debt Instrument, Fair Value | $ 267,500 | 277,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | ||
notes due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 345,061 | 0 | |
Debt Instrument, Fair Value | 343,000 | 0 | |
Debt Instrument, Face Amount | $ 350,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | ||
4.50% notes, due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 296,194 | 295,765 | |
Debt Instrument, Fair Value | $ 309,000 | 321,000 | |
Principal Amount of Issuance of Long-term Debt | 300,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
Notes Due in 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
notes due in 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 344,092 | 0 | |
Debt Instrument, Fair Value | 336,000 | 0 | |
Debt Instrument, Face Amount | $ 350,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||
7.50% senior debentures, due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 198,366 | 198,219 | |
Debt Instrument, Fair Value | $ 238,000 | 254,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | ||
Revolving Credit Facility due in 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.58% | ||
Interest rate swaps designated as fair value hedges [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 710 | 378 | |
Other obligations with various interest rates and due dates [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | 4,571 | $ 3,782 | |
Uncommitted Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | ||
Senior Notes Due in 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||
Redemption of senior notes | $ (332,107) | ||
Revolving Credit Facility due in 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 72,000 | $ 0 | |
Line of Credit Facility, Interest Rate Spread at Period End | 1.30% | ||
Line of Credit Facility Commitment Fee Percentage | 0.20% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 |
Financial Instruments Measure52
Financial Instruments Measured at Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Intangible Assets (Excluding Goodwill) | $ 78,000 | |
Impairment of intangible assets (excluding Goodwill), Net of Tax | $ 47,911 | |
Impairment of Intangible Assets (Excluding Goodwill), Net of Tax Per Share Basic | $ 0.49 | |
Impairment of Intangible Assets (Excluding Goodwill), Net of Tax Per Share Diluted | $ 0.48 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 99,000 | |
Fair value, available-for-sale securities | $ 41,178 | 38,109 |
Interest rate swaps | 711 | 378 |
Foreign exchange contracts | (738) | 694 |
Fair Value Measurement Contingent Consideration | (3,889) | (6,202) |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 37,262 | 131,979 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 99,000 | |
Fair value, available-for-sale securities | 41,178 | 38,109 |
Interest rate swaps | 0 | 0 |
Foreign exchange contracts | 0 | 0 |
Fair Value Measurement Contingent Consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | 41,178 | 137,109 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Fair value, available-for-sale securities | 0 | 0 |
Interest rate swaps | 711 | 378 |
Foreign exchange contracts | (738) | 694 |
Fair Value Measurement Contingent Consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | (27) | 1,072 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | |
Fair value, available-for-sale securities | 0 | 0 |
Interest rate swaps | 0 | 0 |
Foreign exchange contracts | 0 | 0 |
Fair Value Measurement Contingent Consideration | (3,889) | (6,202) |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | (3,889) | $ (6,202) |
2013 Acquisition [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 8,400 | |
Contingent Consideration [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | $ 3,000 |
Financial Instruments Measure53
Financial Instruments Measured at Fair Value Financial Instruments Measured at Fair Value - Unobservable Inputs Reconciliation (Details) - Fair Value, Inputs, Level 3 [Member] - Contingent Consideration [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Measurement Contingent Consideration-Current | $ (3,889) |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance as of December 31, 2014 | (6,202) |
Fair value of initial contingent consideration | 0 |
Change in fair value of contingent consideration included in earnings | (1,128) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 3,000 |
contingent consideration, translation adjustment | $ 441 |
Financial Instruments Measure54
Financial Instruments Measured at Fair Value - AFS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | $ 40,542 | $ 2,008 | $ 40,542 | $ 0 |
Gain on sale of investment | 29,743 | 2,008 | 29,743 | 0 |
Gain on sale of investment | $ 2,008 | $ 18,269 | $ 0 | |
Gain (Loss) on investments Net of tax Per Share Basic | $ 0.19 | $ 0.19 | ||
GaIn (Loss) on Investments Net of Tax Per Share Diluted | $ 0.18 | $ 0.18 | ||
Marubun [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available For Sale Investment Ownership Percentage | 8.40% | |||
Cost basis | 10,016 | $ 10,016 | $ 10,016 | |
Unrealized holding gain | 8,708 | 6,174 | ||
Fair value, available-for-sale securities | 16,190 | $ 18,724 | 16,190 | |
WPG [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available For Sale Investment Ownership Percentage | 1.90% | |||
Mutual Funds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 16,233 | $ 17,389 | 16,233 | |
Unrealized holding gain | 5,065 | 5,686 | ||
Fair value, available-for-sale securities | 21,919 | 22,454 | 21,919 | |
Fair Value, Measurements, Recurring [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair value, available-for-sale securities | 38,109 | 41,178 | 38,109 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair value, available-for-sale securities | 38,109 | 41,178 | 38,109 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair value, available-for-sale securities | 0 | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair value, available-for-sale securities | $ 0 | $ 0 | $ 0 |
Financial Instruments Measure55
Financial Instruments Measured at Fair Value - Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | $ (27) | $ 1,072 | ||||
Cash Paid for Termination of Net Investment Hedges | 7,700 | |||||
Derivative Instrument Gain (Loss) Reclassified into Income, Net | (690) | (656) | $ (245) | |||
Derivative, Notional Amount | $ 382,025 | $ 401,048 | ||||
6.00% notes, due 2020 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
6.875% senior debentures, due 2018 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||||
6.875% senior notes, due 2013 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||||
3.375% notes, due 2015 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | |||||
Interest rate swaps designated as fair value hedges [Member] | 6.00% notes, due 2020 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.43% | |||||
Derivative, Fair Value, Net | $ 583 | |||||
Derivative, Notional Amount | $ 50,000 | |||||
Interest rate swaps designated as fair value hedges [Member] | 6.875% senior debentures, due 2018 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.96% | |||||
Derivative, Fair Value, Net | $ (128) | |||||
Derivative, Notional Amount | $ 50,000 | |||||
Interest Rate Swaps Converting Senior Notes Due in 2013 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.63% | |||||
Derivative, Notional Amount | $ 175,000 | |||||
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 12,203 | |||||
Interest Rate Swaps Converting Notes Due in 2015 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.98% | |||||
Cash received upon termination of 2015 swaps | $ 895,768 | |||||
Derivative Instrument Gain (Loss) Reclassified into Income, Net | 98 | |||||
Derivative, Notional Amount | 200,000 | |||||
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 11,856 | |||||
Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | 1,035 | $ 962 | ||||
Not Designated as Hedging Instrument [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | (1,062) | 110 | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | (2,791) | (2,294) | ||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | 1,729 | 2,404 | ||||
Fair Value Hedging [Member] | Interest Rate Swaps Converting Senior Notes Due in 2013 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Notional Amount | $ 275,000 | |||||
Fair Value Hedging [Member] | Interest Rate Swaps Converting Notes Due in 2015 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | $ 250,000 | |||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Accrued Liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | 0 | (3) | ||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | 711 | 381 | ||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | [1] | 827 | 0 | 3,132 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | (592) | (656) | (537) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [1] | 69 | 0 | 292 | ||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | [2] | (1,001) | 412 | (243) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [2] | 2,930 | (402) | 439 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | [2] | 0 | 0 | 0 | ||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued Liabilities [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | (572) | (376) | ||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Fair Value, Net | 896 | 960 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Interest rate swaps | 711 | 378 | ||||
Fair Value Measurement Contingent Consideration | (3,889) | (6,202) | ||||
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | [3] | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | [4] | $ 1,825 | $ (793) | $ (144) | ||
[1] | 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. | |||||
[2] | 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. | |||||
[3] | The amount of gain (loss) recognized in income on derivatives is recorded in "Interest and other financing expense, net" in the company's consolidated statements of operations. | |||||
[4] | The amount of gain (loss) recognized in income on derivatives is recorded in "Cost of sales" in the company's consolidated statements of operations. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | |||
Unrecognized Tax Benefits | $ 36,935 | $ 44,701 | $ 45,987 | $ 46,980 |
Unrecognized Tax Benefits Expected to be Paid | 525 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (3,247) | 1,570 | 267 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 8,878 | 12,173 | ||
Operating Loss Carryforwards | 38,643 | |||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 3,286,018 | |||
Income Taxes Paid, Net | 182,668 | 223,909 | $ 235,102 | |
International [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Credit Carryforward, Amount | 282,026 | |||
Tax Credit Carryforward, Subject to Expiration | 8,089 | |||
Tax Credit Carryforward, No Expiration | 273,937 | |||
Tax Credit Carryforward, Deferred Tax Asset | 85,637 | |||
Other Tax Carryforward, Valuation Allowance | $ 3,697 | |||
Increase in Interest Expense [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 1,623 | |||
Tax Adjustments Settlements And Unusual Provisions, Net of Tax | $ 1,236 | |||
Tax Adjustments, Settlements, and Unusual Provisions, Per Share Basic and Diluted | $ 0.01 | |||
Increase in the Provision for Income Taxes [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 20,809 | |||
Tax Adjustments, Settlements, and Unusual Provisions, Per Share Basic and Diluted | $ 0.20 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 82,532 | $ 101,857 | $ 85,173 |
Current State and Local Tax Expense (Benefit) | 18,022 | 20,123 | 15,845 |
Current International Tax Expense (Benefit) | 85,310 | 88,707 | 81,052 |
Current Income Tax Expense (Benefit) | 185,864 | 210,687 | 182,070 |
Deferred Federal Income Tax Expense (Benefit) | 12,127 | (1,097) | 22,973 |
Deferred State and Local Income Tax Expense (Benefit) | (1,828) | (2,071) | 2,438 |
Deferred International Income Tax Expense (Benefit) | (4,466) | (22,576) | (25,138) |
Deferred income taxes | 5,833 | (25,744) | 273 |
Provision for income taxes | $ 191,697 | $ 184,943 | $ 182,343 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | ||
United States | $ 281,579 | $ 317,400 | $ 326,990 |
International | 410,604 | 365,933 | 255,229 |
Income before income taxes | 692,183 | 683,333 | 582,219 |
Provision at statutory tax rate | 242,264 | 239,166 | 203,777 |
State taxes, net of federal benefit | 10,526 | 11,734 | 11,885 |
International effective tax rate differential | (56,132) | (56,865) | (22,059) |
Change in valuation allowance | (205) | (7,803) | (8,253) |
Other non-deductible expenses | 3,530 | 4,040 | 2,840 |
Changes in tax accruals | (7,423) | 1,335 | (1,336) |
Other | (863) | (6,664) | (4,511) |
Provision for income taxes | $ 191,697 | $ 184,943 | $ 182,343 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrecognized Tax Benefits Reconciliation | |||
Balance at beginning of year | $ 44,701 | $ 45,987 | $ 46,980 |
Additions based on tax positions taken during a prior period | 2,568 | 3,792 | 22,170 |
Reductions based on tax positions taken during a prior period | (9,482) | (7,737) | (3,684) |
Additions based on tax positions taken during the current period | 8,440 | 5,518 | 7,593 |
Reductions related to settlement of tax matters | (4,143) | (317) | (24,450) |
Reductions related to a lapse of applicable statute of limitations | (5,149) | (2,542) | (2,622) |
Balance at end of year | 36,935 | 44,701 | $ 45,987 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 8,878 | $ 12,173 |
Income Taxes - Summary of Open
Income Taxes - Summary of Open Tax Positions (Details) | 12 Months Ended | |
Dec. 31, 2015 | ||
Minimum [Member] | United States Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,012 | |
Minimum [Member] | United States State [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,008 | |
Minimum [Member] | Germany [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,010 | [1] |
Minimum [Member] | Hong Kong [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,009 | |
Minimum [Member] | Italy [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,008 | [1] |
Minimum [Member] | Sweden [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,010 | |
Minimum [Member] | United Kingdom [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,013 | |
Maximum [Member] | United States Federal [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | |
Maximum [Member] | United States State [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | |
Maximum [Member] | Germany [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | [1] |
Maximum [Member] | Hong Kong [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | |
Maximum [Member] | Italy [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | [1] |
Maximum [Member] | Sweden [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | |
Maximum [Member] | United Kingdom [Member] | ||
Income Tax Contingency [Line Items] | ||
Open Tax Years by Major Tax Jurisdiction | 2,015 | |
[1] | Includes federal as well as local jurisdictions. |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets and Liabilities [Line Items] | ||
Net operating loss carryforwards | $ 102,005 | $ 113,414 |
Inventory adjustments | 48,467 | 42,635 |
Allowance for doubtful accounts | 13,371 | 16,055 |
Accrued expenses | 43,044 | 44,369 |
Interest carryforward | 26,051 | 34,558 |
Stock-based compensation awards | 26,911 | 22,819 |
Other comprehensive income items | 16,232 | 19,885 |
Deferred Tax Assets, Tax Deferred Expense, Integration and Restructuring | 4,117 | 2,737 |
Other | 7,892 | 0 |
Deferred Tax Assets, Gross | 288,090 | 296,472 |
Valuation Allowance | (8,149) | (8,353) |
Total deferred tax assets | 279,941 | 288,119 |
Goodwill | (113,788) | (81,716) |
Depreciation | (83,291) | (78,151) |
Intangible Assets | (31,481) | (30,372) |
Deferred Tax Liabilities, Other | 0 | (1,654) |
Total deferred tax liabilities | (228,560) | (191,893) |
Total net deferred tax assets | $ 51,381 | $ 96,226 |
Restructuring, Integration, a62
Restructuring, Integration, and Other Charges (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | $ 68,765 | $ 39,841 | $ 92,650 | ||||||||
Restructuring, integration, and other charges, net of taxes | $ 13,198 | $ 12,642 | $ 12,895 | $ 12,569 | $ 11,222 | $ 2,556 | $ 7,526 | $ 8,020 | $ 51,305 | $ 29,324 | $ 65,601 |
Restructuring Charges Net of Tax Per Share Basic | $ 0.13 | $ 0.12 | $ 0.03 | $ 0.08 | $ 0.08 | $ 0.54 | $ 0.30 | $ 0.64 | |||
Restructuring Charges Net of Tax Per Share Diluted | $ 0.11 | $ 0.07 | $ 0.54 | $ 0.29 | $ 0.63 | ||||||
Restructuring Charges 2015 Plan [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | $ 39,119 | ||||||||||
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | 33,850 | ||||||||||
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | 4,223 | ||||||||||
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | 1,046 | ||||||||||
Restructuring Charges 2014 Plan [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | 2,980 | $ 38,347 | $ 79,921 | ||||||||
Restructuring Charges 2014 Plan [Member] | Employee Severance [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | 180 | 29,268 | |||||||||
Restructuring Charges 2014 Plan [Member] | Facility Closing [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | 885 | 5,591 | |||||||||
Restructuring Charges 2014 Plan [Member] | Other Restructuring [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | 1,915 | 3,488 | |||||||||
Restructuring Charges From Prior Periods [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | 4,084 | 1,130 | 794 | ||||||||
Restructuring Charges From Acquisitions and Other [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring, integration, and other charges | $ 25,562 | $ 364 | $ 11,935 |
Restructuring, Integration, a63
Restructuring, Integration, and Other Charges - Accrual (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | $ 68,765 | $ 39,841 | $ 92,650 |
Restructuring Reserve | 21,978 | ||
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve Scheduled Severance Payments Year One | 18,757 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 19,075 | ||
Number of Years for the Personnel Accrual to Be Spent | 2 | ||
Restructuring Reserve Scheduled Severance Payments Year Two | $ 318 | ||
Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 2,744 | ||
Restructuring Reserve Scheduled Lease Payments Year One | 2,402 | ||
Restructuring Reserve Scheduled Lease Payments Year Two | 190 | ||
Restructuring Reserve Scheduled Lease Payments Year Three | 152 | ||
Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 159 | ||
Number of Years for the Other Accrual to Be Spent | 1 | ||
Restructuring Charges 2015 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | $ 39,119 | ||
Payments | (21,108) | ||
Non-cash usage | (1,161) | ||
Foreign currency translation | 33 | ||
Restructuring Reserve | 16,883 | ||
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 33,850 | ||
Payments | (17,569) | ||
Non-cash usage | 0 | ||
Foreign currency translation | 40 | ||
Restructuring Reserve | 16,321 | ||
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 4,223 | ||
Payments | (3,335) | ||
Non-cash usage | (482) | ||
Foreign currency translation | (3) | ||
Restructuring Reserve | 403 | ||
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 1,046 | ||
Payments | (204) | ||
Non-cash usage | (679) | ||
Foreign currency translation | (4) | ||
Restructuring Reserve | 159 | ||
Restructuring Charges 2014 Plan [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 12,348 | ||
Restructuring, integration, and other charges | 2,980 | 38,347 | $ 79,921 |
Payments | (9,783) | (24,765) | |
Non-cash usage | (2,274) | (729) | |
Foreign currency translation | (648) | (505) | |
Restructuring Reserve | 2,623 | 12,348 | |
Restructuring Charges 2014 Plan [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 8,622 | ||
Restructuring, integration, and other charges | 180 | 29,268 | |
Payments | (6,688) | (20,172) | |
Non-cash usage | 0 | 0 | |
Foreign currency translation | (558) | (474) | |
Restructuring Reserve | 1,556 | 8,622 | |
Restructuring Charges 2014 Plan [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 2,479 | ||
Restructuring, integration, and other charges | 885 | 5,591 | |
Payments | (1,955) | (3,082) | |
Non-cash usage | (252) | 0 | |
Foreign currency translation | (90) | (30) | |
Restructuring Reserve | 1,067 | 2,479 | |
Restructuring Charges 2014 Plan [Member] | Other Restructuring [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | 1,247 | ||
Restructuring, integration, and other charges | 1,915 | 3,488 | |
Payments | (1,140) | (1,511) | |
Non-cash usage | (2,022) | (729) | |
Foreign currency translation | 0 | (1) | |
Restructuring Reserve | 0 | $ 1,247 | |
Restructuring Charges From Prior to 2013 [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 1,104 | ||
Restructuring Reserve | 2,472 | ||
Restructuring Charges From Prior to 2013 [Member] | Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | (451) | ||
Restructuring Reserve | 1,198 | ||
Restructuring Charges From Prior to 2013 [Member] | Facility Closing [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | 1,555 | ||
Restructuring Reserve | 1,274 | ||
Restructuring Charges From Acquisitions [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring, integration, and other charges | $ 19,565 |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders Equity Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (241,326) | $ (16,605) | $ 248,425 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (284,706) | (64,617) | 225,552 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (223,268) | (265,030) | 65,793 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 814 | (12,925) | 1,027 |
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net of Tax | 871 | 403 | 2,075 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 2,947 | (12,617) | 11,520 |
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent | (220,089) | ||
Other comprehensive income | (218,636) | (290,169) | 80,415 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (224,721) | ||
Unrealized gain loss on investment securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 8,533 | 7,719 | 20,644 |
Unrealized gain loss on interest rate swaps designated as cash flow hedges, net [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3,320) | (4,191) | (4,594) |
Employee benefit plan items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (48,593) | (51,540) | $ (38,923) |
Other comprehensive income before reclassifications [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (221,791) | (265,432) | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 814 | 5,344 | |
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net of Tax | 550 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 15 | (14,630) | |
Other comprehensive income | (220,412) | (274,718) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (2,930) | 402 | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 0 | (18,269) | |
Other Comprehensive Income (Loss), Unrealized Gain on Derivatives Arising During Period, Net of Tax | 321 | 403 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 2,932 | 2,013 | |
Other comprehensive income | 323 | (15,451) | |
Intra-entity foreign currency transactions [Member] | Other comprehensive income before reclassifications [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 30,960 | $ 57,109 |
Shareholders' Equity-Common Sto
Shareholders' Equity-Common Stock Rollforward (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 01, 2015 | Sep. 26, 2015 | May. 01, 2015 | May. 31, 2014 | |
Repurchases of common stock | 2,617,991 | 8,474,574 | ||||||
Preferred Stock, Shares Authorized | 2,000,000 | |||||||
Stock Repurchase Program, Authorized Amount | $ 400,000 | $ 400,000 | $ 200,000 | $ 400,000 | $ 200,000 | $ 200,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 149,631 | $ 480,217 | ||||||
Common Stock Issued [Member] | ||||||||
Common stock outstanding, Beginning balance | 125,424 | 125,424 | 125,424 | |||||
Shares issued for stock-based compensation awards | 0 | 0 | 0 | |||||
Repurchases of common stock | 0 | 0 | 0 | |||||
Common stock outstanding, Ending balance | 125,424 | 125,424 | 125,424 | 125,424 | ||||
Treasury Stock [Member] | ||||||||
Common stock outstanding, Beginning balance | 29,529 | 25,488 | 19,423 | |||||
Shares issued for stock-based compensation awards | (1,155) | (1,506) | (2,772) | |||||
Repurchases of common stock | 6,127 | 5,547 | 8,837 | |||||
Common stock outstanding, Ending balance | 29,529 | 34,501 | 29,529 | 25,488 | ||||
Common Stock at Par Value [Member] | ||||||||
Common stock outstanding, Beginning balance | 95,895 | 99,936 | 106,001 | |||||
Shares issued for stock-based compensation awards | 1,155 | (1,506) | 2,772 | |||||
Repurchases of common stock | (6,127) | (5,547) | (8,837) | |||||
Common stock outstanding, Ending balance | 95,895 | 90,923 | 95,895 | 99,936 |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2015 | [1] | Sep. 26, 2015 | [2] | Jun. 27, 2015 | [3] | Mar. 28, 2015 | [4] | Dec. 31, 2014 | [5] | Sep. 27, 2014 | [6] | Jun. 28, 2014 | [7] | Mar. 29, 2014 | [8] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Earnings Per Share, Diluted [Line Items] | ||||||||||||||||||||||
Net income attributable to shareholders | $ 158,492 | $ 109,244 | $ 123,932 | $ 106,058 | $ 116,177 | $ 146,864 | $ 127,884 | $ 107,120 | $ 497,726 | $ 498,045 | $ 399,420 | |||||||||||
Weight-average shares outstanding - basic | 94,608 | 98,675 | 102,559 | |||||||||||||||||||
Net effect of various dilutive stock-based compensation awards | 1,078 | 1,272 | 1,140 | |||||||||||||||||||
Weighted average shares outstanding - diluted | 95,686 | 99,947 | 103,699 | |||||||||||||||||||
Net Income per Share [Abstract] | ||||||||||||||||||||||
Basic | $ 1.71 | [9] | $ 1.16 | [9] | $ 1.30 | [9] | $ 1.11 | [9] | $ 1.20 | $ 1.49 | $ 1.29 | $ 1.07 | $ 5.26 | $ 5.05 | $ 3.89 | |||||||
Diluted | $ 1.69 | [9] | $ 1.15 | [9] | $ 1.28 | [9] | $ 1.09 | [9] | $ 1.18 | $ 1.47 | $ 1.27 | $ 1.06 | $ 5.20 | [10] | $ 4.98 | [10] | $ 3.85 | [10] | ||||
Stock Compensation Plan [Member] | ||||||||||||||||||||||
Net Income per Share [Abstract] | ||||||||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 658 | 294 | 874 | |||||||||||||||||||
[1] | restructuring, integration, and other charges ($13,198 net of related taxes or $.14 per share on both a basic and diluted basis) | |||||||||||||||||||||
[2] | restructuring, integration, and other charges ($12,642 net of related taxes or $.13 per share on both a basic and diluted basis) | |||||||||||||||||||||
[3] | restructuring, integration, and other charges ($12,895 net of related taxes or $.13 per share on both a basic and diluted basis). Also included is a loss on investment ($921 net of related taxes or $.01 per share on both a basic and diluted basis). | |||||||||||||||||||||
[4] | Includes identifiable intangible asset amortization ($9,029 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($12,569 net of related taxes or $.13 per share on both a basic and diluted basis) | |||||||||||||||||||||
[5] | restructuring, integration, and other charges ($11,222 net of related taxes or $.12 and $.11 per share on a basic and diluted basis, respectively), and a non-cash impairment charge associated with discontinuing the use of a trade name ($47,911 net of related taxes or $.49 per share on both a basic and diluted basis). | |||||||||||||||||||||
[6] | ($9,086 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($2,556 net of related taxes or $.03 per share on both a basic and diluted basis). Also included is a gain on sale of investment ($18,269 net of related taxes or $.19 and $.18 per share on a basic and diluted basis, respectively). | |||||||||||||||||||||
[7] | ($8,867 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($7,526 net of related taxes or $.08 and $.07 per share on a basic and diluted basis, respectively). | |||||||||||||||||||||
[8] | restructuring, integration, and other charges ($8,020 net of related taxes or $.08 per share on both a basic and diluted basis) | |||||||||||||||||||||
[9] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||||||
[10] | Stock-based compensation awards for the issuance of 658 shares, 294 shares, and 874 shares for the years ended December 31, 2015, 2014, and 2013, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Employee Stock Plans (Details)
Employee Stock Plans (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | [1] | 4 years 9 months 18 days | 5 years 3 months 18 days | 5 years 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 21,800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Additional Registered Shares | 5,600,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 7,553,173 | 3,228,748 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 10,400 | $ 15,360 | $ 16,345 | |
Proceeds from exercise of stock options | 14,900 | 21,788 | 36,014 | |
Tax benefits related to stock-based compensation awards | $ 16,593 | $ 18,718 | $ 21,882 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 19.10 | $ 20.32 | $ 15.83 | |
Non-employee director award | $ 130 | |||
[1] | The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. |
Employee Stock Plans - Stock Op
Employee Stock Plans - Stock Option Activity Table (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares outstanding | 1,813,198 | 1,860,693 |
Shares outstanding, weighted-average exercise price | $ 46.29 | $ 40.67 |
Shares granted | 402,612 | |
Shares granted, weighted-average exercise price | $ 62.14 | |
Shares exercised | (408,559) | |
Shares exercised, weighted-average exercise price | $ 36.47 | |
Shares forfeited | (41,548) | |
Shares forfeited, weighted-average exercise price | $ 44.63 | |
Shares exercisable | 869,317 | |
Shares exercisable, weighted-average exercise price | $ 37.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 57 months | |
Shares outstanding, weighted-average remaining contractual life | 78 months | |
Shares outstanding, aggregate intrinsic value | $ 18,435 | |
Shares exercisable, aggregate intrinsic value | $ 14,598 |
Employee Stock Plans - Stock 69
Employee Stock Plans - Stock Option Valuation Assumptions (Details) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | [1] | 28.00% | 37.00% | 41.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | [2] | 4 years 9 months 18 days | 5 years 3 months 18 days | 5 years 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | [3] | 1.50% | 2.00% | 1.00% |
[1] | Volatility is measured using historical daily price changes of the company's common stock over the expected term of the option. | |||
[2] | The expected term represents the weighted-average period the option is expected to be outstanding and is based primarily on the historical exercise behavior of employees. | |||
[3] | The risk-free interest rate is based on the U.S. Treasury zero-coupon yield with a maturity that approximates the expected term of the option. |
Employee Stock Plans - Summary
Employee Stock Plans - Summary of Non-Vested Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,532,262 | 1,764,272 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 52.09 | $ 45.78 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 615,091 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 58.68 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (770,453) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 42.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (76,648) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 59.72 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 48,118 | $ 47,583 | $ 59,876 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 43,084 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 1 day |
Employee Benefit Plan - Narrati
Employee Benefit Plan - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Employees | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Other Comprehensive Income (loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (loss) Recognized in Net Periodic Benefit Cost, After Tax | $ (185) | $ (14,901) | $ 7,615 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), After Tax | 15 | 19 | 19 |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), After Tax | (3,282) | (1,994) | (2,854) |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), After Tax | 0 | (12) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Actuarial Cost (Credit), After Tax | (46,725) | (49,491) | |
Defined Contribution Plan, Cost Recognized | 13,604 | 12,584 | 14,102 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 7,151 | 7,139 | 7,403 |
International [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 26,945 | 27,284 | $ 26,038 |
Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 65.00% | ||
Fixed Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Target Allocation Percentage of Assets, Equity Securities | 35.00% | ||
Current Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 8 | ||
Former Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 20 | ||
Wyle Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefits Paid | $ 6,016 | 5,880 | |
Defined Benefit Plan, Contributions by Employer | 0 | $ 4,500 | |
Defined Benefit Plan, Prior Service Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amortization of Net Gains (Losses) | 0 | ||
Defined Benefit Plan, Actuarial Loss [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amortization of Net Gains (Losses) | $ 3,123 |
Employee Benefit Plans - Arrow
Employee Benefit Plans - Arrow SERP and Wyle Defined Benefit Plan (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Employees | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 7,151 | $ 7,139 | $ 7,403 |
Current Fiscal Year End Date | --12-31 | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 101,859 | $ 105,598 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Expected Long-Term Return on Assets | 6.25% | 6.75% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.75% | 6.75% | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 83,310 | $ 76,261 | |
Defined Benefit Plan, Benefit Obligation | 88,729 | 85,114 | 75,312 |
Defined Benefit Plan, Service Cost | 1,669 | 1,330 | |
Defined Benefit Plan, Interest Cost | 3,484 | 3,280 | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 2,220 | 8,668 | |
Defined Benefit Plan, Funded Status of Plan | (88,729) | (85,114) | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (3,816) | (3,700) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (84,913) | (81,414) | |
Defined Benefit Plan, Amortization of Gains (Losses) | (3,615) | (1,997) | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ 8,793 | $ 6,649 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 5.00% | 5.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 5.00% | 5.00% | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 3,885 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 3,853 | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 25 | $ 42 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 4,365 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 5,729 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 5,689 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 29,531 | ||
Defined Benefit Plan, Benefits Paid | $ (3,758) | (3,476) | |
Current Arrow SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Participants | Employees | 8 | ||
Wyle Defined Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 129,029 | 136,298 | |
Defined Benefit Plan, Benefit Obligation | 129,029 | 136,298 | 126,481 |
Defined Benefit Plan, Fair Value of Plan Assets | 101,859 | 105,598 | $ 104,714 |
Defined Benefit Plan, Actual Return on Plan Assets | 2,277 | 2,264 | |
Defined Benefit Plan, Contributions by Employer | 0 | 4,500 | |
Defined Benefit Plan, Service Cost | 0 | 0 | |
Defined Benefit Plan, Interest Cost | 5,318 | 5,491 | |
Defined Benefit Plan, Expected Return on Plan Assets | (7,159) | (7,066) | |
Defined Benefit Plan, Actuarial Net (Gains) Losses | (6,571) | 10,206 | |
Defined Benefit Plan, Funded Status of Plan | (27,170) | (30,700) | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (27,170) | (30,700) | |
Defined Benefit Plan, Amortization of Gains (Losses) | (1,668) | (1,270) | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ (173) | $ (305) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.25% | 4.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.50% | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | $ 6,918 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 7,019 | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | $ 0 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 7,073 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 7,249 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 7,429 | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 38,759 | ||
Defined Benefit Plan, Benefits Paid | $ (6,016) | $ (5,880) |
Employee Benefit Plans - Fair V
Employee Benefit Plans - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 101,859 | $ 105,598 |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 98,664 | 104,584 |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3,195 | 1,014 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
US Common Stocks [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 40,757 | 44,100 |
US Common Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 40,757 | 44,100 |
US Common Stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
US Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
International Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 14,750 | 14,873 |
International Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 14,750 | 14,873 |
International Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
International Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Index Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 13,812 | 16,477 |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 13,812 | 16,477 |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Index Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 29,345 | 29,134 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 29,345 | 29,134 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3,195 | 1,014 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 3,195 | 1,014 |
Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | $ 0 |
Lease Commitments - Narrative (
Lease Commitments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Lease Expiration Date | 2,026 | ||
Operating Leases, Rent Expense, Net | $ 77,405 | $ 77,392 | $ 79,966 |
Lease Comitments (Details)
Lease Comitments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Lease Commitments [Abstract] | |
2,016 | $ 63,781 |
2,017 | 50,491 |
2,018 | 34,891 |
2,019 | 26,755 |
2,020 | 21,246 |
Thereafter | $ 38,627 |
Contingencies (Details)
Contingencies (Details) - 12 months ended Dec. 31, 2015 € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Site Contingency [Line Items] | ||
Recovery of Direct Costs | $ 37,000 | |
Huntsville Site [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense To Date | 4,500 | |
Additional Expected Project Expenditures Low Estimate | 3,000 | |
Additional Expected Project Expenditures High Estimate | 4,000 | |
Groundwater Removal [Member] | Norco Site [Member] | ||
Site Contingency [Line Items] | ||
Environmental Remediation Expense To Date | 50,000 | |
Additional Expected Project Expenditures Low Estimate | 14,070 | |
Additional Expected Project Expenditures High Estimate | 24,500 | |
Investigation Report [Member] | Huntsville Site [Member] | ||
Site Contingency [Line Items] | ||
Additional Expected Project Expenditures Low Estimate | 400 | |
Additional Expected Project Expenditures High Estimate | $ 750 | |
Tekelec Matter [Member] | ||
Site Contingency [Line Items] | ||
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 Inform77
Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Sales: | ||||||||||||
Sales | $ 6,751,342 | $ 5,698,304 | $ 5,829,989 | $ 5,002,385 | $ 6,396,879 | $ 5,613,216 | $ 5,676,539 | $ 5,082,040 | $ 23,282,020 | $ 22,768,674 | $ 21,357,285 | |
Operating income (loss): | ||||||||||||
Operating income | 824,482 | 762,257 | 693,500 | |||||||||
Restructuring, integration, and other charges | 68,765 | 39,841 | 92,650 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 78,000 | |||||||||||
Assets | 13,021,930 | 12,435,301 | 13,021,930 | 12,435,301 | ||||||||
Global components [Member] | ||||||||||||
Sales: | ||||||||||||
Sales | 14,405,793 | 14,313,026 | 13,495,766 | |||||||||
Operating income (loss): | ||||||||||||
Operating income | 649,396 | 653,992 | 575,612 | |||||||||
Assets | 7,276,143 | 6,952,342 | 7,276,143 | 6,952,342 | ||||||||
Global ECS [Member] | ||||||||||||
Sales: | ||||||||||||
Sales | 8,876,227 | 8,455,648 | 7,861,519 | |||||||||
Operating income (loss): | ||||||||||||
Operating income | 424,063 | 389,571 | 350,442 | |||||||||
Assets | 5,074,529 | 4,761,628 | 5,074,529 | 4,761,628 | ||||||||
Corporate Segment [Member] | ||||||||||||
Operating income (loss): | ||||||||||||
Operating income | [1] | (248,977) | (281,306) | $ (232,554) | ||||||||
Assets | $ 671,258 | $ 721,331 | $ 671,258 | $ 721,331 | ||||||||
[1] | Includes restructuring, integration, and other charges of $68,765, $39,841, and $92,650 in 2015, 2014, and 2013, respectively. Also included is a non-cash impairment charge associated with discontinuing the use of a trade name of $78,000 in 2014 |
Segment and Geographic Inform78
Segment and Geographic Information - Geographic Sales & PP&E (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | $ 6,751,342 | $ 5,698,304 | $ 5,829,989 | $ 5,002,385 | $ 6,396,879 | $ 5,613,216 | $ 5,676,539 | $ 5,082,040 | $ 23,282,020 | $ 22,768,674 | $ 21,357,285 | |
Property, Plant, and Equipment, Net | 700,178 | 636,299 | 700,178 | 636,299 | ||||||||
Americas [Member] | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | [1] | 11,721,528 | 11,340,277 | 11,023,076 | ||||||||
Property, Plant, and Equipment, Net | [2] | 582,973 | 537,967 | 582,973 | 537,967 | |||||||
EMEA [Member] | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | 6,788,738 | 6,864,104 | 6,221,569 | |||||||||
Property, Plant, and Equipment, Net | 88,727 | 76,487 | 88,727 | 76,487 | ||||||||
Asia/Pacific [Member] | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | 4,771,754 | 4,564,293 | 4,112,640 | |||||||||
Property, Plant, and Equipment, Net | 28,478 | 21,845 | 28,478 | 21,845 | ||||||||
UNITED STATES | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Sales | 10,761,932 | 10,359,936 | $ 10,074,361 | |||||||||
Property, Plant, and Equipment, Net | $ 580,791 | $ 535,397 | $ 580,791 | $ 535,397 | ||||||||
[1] | Includes sales related to the United States of $10,761,932, $10,359,936, and $10,074,361 in 2015, 2014, and 2013, respectively. | |||||||||||
[2] | Includes net property, plant, and equipment related to the United States of $580,791 and $535,397 at December 31, 2015 and 2014, respectively. |
Quarterly Financial Data Quarte
Quarterly Financial Data Quarterly Financial Information Table (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||||
Gain on sale of investment | $ 1,667 | |||||||||||||||||||||
Gain on sale of investment, Net of Tax, Per Basic and Diluted Share | $ 0 | |||||||||||||||||||||
Sales | $ 6,751,342 | $ 5,698,304 | $ 5,829,989 | $ 5,002,385 | $ 6,396,879 | $ 5,613,216 | $ 5,676,539 | $ 5,082,040 | $ 23,282,020 | $ 22,768,674 | $ 21,357,285 | |||||||||||
Gross Profit | 838,966 | 742,367 | 768,595 | 685,322 | 815,859 | 728,687 | 747,521 | 703,828 | ||||||||||||||
Net income attributable to shareholders | $ 158,492 | [1] | $ 109,244 | [2] | $ 123,932 | [3] | $ 106,058 | [4] | $ 116,177 | [5] | $ 146,864 | [6] | $ 127,884 | [7] | $ 107,120 | [8] | $ 497,726 | $ 498,045 | $ 399,420 | |||
Basic | $ 1.71 | [1],[9] | $ 1.16 | [2],[9] | $ 1.30 | [3],[9] | $ 1.11 | [4],[9] | $ 1.20 | [5] | $ 1.49 | [6] | $ 1.29 | [7] | $ 1.07 | [8] | $ 5.26 | $ 5.05 | $ 3.89 | |||
Diluted | $ 1.69 | [1],[9] | $ 1.15 | [2],[9] | $ 1.28 | [3],[9] | $ 1.09 | [4],[9] | $ 1.18 | [5] | $ 1.47 | [6] | $ 1.27 | [7] | $ 1.06 | [8] | $ 5.20 | [10] | $ 4.98 | [10] | $ 3.85 | [10] |
[1] | restructuring, integration, and other charges ($13,198 net of related taxes or $.14 per share on both a basic and diluted basis) | |||||||||||||||||||||
[2] | restructuring, integration, and other charges ($12,642 net of related taxes or $.13 per share on both a basic and diluted basis) | |||||||||||||||||||||
[3] | restructuring, integration, and other charges ($12,895 net of related taxes or $.13 per share on both a basic and diluted basis). Also included is a loss on investment ($921 net of related taxes or $.01 per share on both a basic and diluted basis). | |||||||||||||||||||||
[4] | Includes identifiable intangible asset amortization ($9,029 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($12,569 net of related taxes or $.13 per share on both a basic and diluted basis) | |||||||||||||||||||||
[5] | restructuring, integration, and other charges ($11,222 net of related taxes or $.12 and $.11 per share on a basic and diluted basis, respectively), and a non-cash impairment charge associated with discontinuing the use of a trade name ($47,911 net of related taxes or $.49 per share on both a basic and diluted basis). | |||||||||||||||||||||
[6] | ($9,086 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($2,556 net of related taxes or $.03 per share on both a basic and diluted basis). Also included is a gain on sale of investment ($18,269 net of related taxes or $.19 and $.18 per share on a basic and diluted basis, respectively). | |||||||||||||||||||||
[7] | ($8,867 net of related taxes or $.09 per share on both a basic and diluted basis) and restructuring, integration, and other charges ($7,526 net of related taxes or $.08 and $.07 per share on a basic and diluted basis, respectively). | |||||||||||||||||||||
[8] | restructuring, integration, and other charges ($8,020 net of related taxes or $.08 per share on both a basic and diluted basis) | |||||||||||||||||||||
[9] | Quarterly net income per share is calculated using the weighted-average shares outstanding during each quarterly period, while net income per share for the full year is calculated using the weighted-average shares outstanding during the year. Therefore, the sum of the net income per share for each of the four quarters may not equal the net income per share for the full year. | |||||||||||||||||||||
[10] | Stock-based compensation awards for the issuance of 658 shares, 294 shares, and 874 shares for the years ended December 31, 2015, 2014, and 2013, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Quarterly Financial Data - Narr
Quarterly Financial Data - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net proceeds from note offering | $ 688,162 | $ 0 | $ 591,156 | ||||||||
Gains (Losses) on Extinguishment of Debt | (2,943) | 0 | (4,277) | ||||||||
Long-term debt | $ 2,380,575 | $ 2,067,898 | 2,380,575 | 2,067,898 | |||||||
Amortization of Intangible Assets Net of Tax | $ 9,537 | $ 11,521 | $ 11,169 | $ 9,029 | $ 9,105 | $ 9,086 | $ 8,867 | $ 8,907 | 41,256 | 35,965 | 29,339 |
Amortization of Intangible Assets Net of Tax Per Share Basic and Diluted | $ 0.10 | $ 0.12 | $ 0.12 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | $ 0.09 | |||
Restructuring, integration, and other charges, net of taxes | $ 13,198 | $ 12,642 | $ 12,895 | $ 12,569 | $ 11,222 | $ 2,556 | $ 7,526 | $ 8,020 | $ 51,305 | $ 29,324 | $ 65,601 |
Restructuring Charges Net of Tax Per Share Basic and Diluted | $ 0.14 | $ 0.13 | $ 0.13 | $ 0.13 | |||||||
Restructuring Charges Net of Tax Per Share Basic | $ 0.13 | $ 0.12 | $ 0.03 | $ 0.08 | $ 0.08 | $ 0.54 | $ 0.30 | $ 0.64 | |||
Loss on Sale of Investments | $ (921) | $ (921) | $ (18,269) | ||||||||
Gain (Loss) on investments Net of tax Per Share Basic and Diluted | $ 0.01 | $ 10 | |||||||||
Restructuring Charges Net of Tax Per Share Diluted | $ 0.11 | $ 0.07 | $ 0.54 | $ 0.29 | $ 0.63 | ||||||
Impairment of intangible assets (excluding Goodwill), Net of Tax | $ 47,911 | ||||||||||
Gain on sale of investment | $ 2,008 | $ 18,269 | $ 0 | ||||||||
Gain (Loss) on investments Net of tax Per Share Basic | $ 0.19 | $ 0.19 | |||||||||
GaIn (Loss) on Investments Net of Tax Per Share Diluted | $ 0.18 | 0.18 | |||||||||
Gains Losses On Extinguishment of Debt Net of Tax | $ 1,808 | ||||||||||
Extinguishment of Debt Gain Loss Net of Tax Per Share Basic and Diluted | $ 0.02 | ||||||||||
Extinguishment of Debt, Gain (Loss), Net of Tax | $ (1,808) | $ 2,627 | |||||||||
Impairment of Intangible Assets (Excluding Goodwill), Net of Tax Per Share Basic | $ 0.49 | ||||||||||
Increase in the Provision for Income Taxes [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Non-cash impact of tax matters | $ 20,809 | ||||||||||
Tax Adjustments, Settlements, and Unusual Provisions, Per Share Basic and Diluted | $ 0.20 |
Valuation and Qualifying Acco81
Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Allowance for Doubtful Accounts, Balance at beginning of year | $ 59,188 | $ 64,129 | $ 54,238 | |
Allowance for doubtful accounts, Charged to Income | (2,484) | 656 | 9,201 | |
Allowance for Doubtful Accounts, Other | [1] | 2,093 | 682 | 8,098 |
Allowance for Doubtful Accounts, Write-down | 9,138 | 6,279 | 7,408 | |
Allowance for Doubtful Accounts, Balance at end of year | $ 49,659 | $ 59,188 | $ 64,129 | |
[1] | Represents the allowance for doubtful accounts of the businesses acquired by the company during 2015, 2014, and 2013. |
Subsequent Events (Details)
Subsequent Events (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Criminal Fraud Transfer Loss [Table Text Block] | 13,000 |