Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Oct. 01, 2016 | Oct. 28, 2016 | |
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-Q | |
Document Period End Date | Oct. 1, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 89,585,959 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | ||
Sales | $ 5,936,092 | $ 5,698,304 | $ 17,382,370 | $ 16,530,678 | |
Costs and expenses: | |||||
Cost of sales | 5,162,930 | 4,955,937 | 15,061,519 | 14,334,394 | |
Selling, general, and administrative expenses | 510,017 | 497,876 | 1,534,534 | 1,457,160 | |
Depreciation and amortization | 40,194 | 40,941 | 121,516 | 117,854 | |
Restructuring, integration, and other charges | 24,267 | 17,756 | 61,161 | 51,099 | |
Total Costs and Expenses | 5,737,408 | 5,512,510 | 16,778,730 | 15,960,507 | |
Operating income | 198,684 | 185,794 | 603,640 | 570,171 | |
Equity in earnings of affiliated companies | 1,311 | 1,674 | 5,394 | 4,890 | |
Gain on sale of investment | 0 | 0 | 0 | 2,008 | |
Interest and other financing expense, net | 37,229 | 35,409 | 111,828 | 100,959 | |
Other expense, net | 0 | 0 | 0 | 4,443 | |
Income before income taxes | 162,766 | 152,059 | 497,206 | 471,667 | |
Provision for income taxes | 44,931 | 41,755 | 137,441 | 130,589 | |
Consolidated net income | 117,835 | 110,304 | 359,765 | 341,078 | |
Noncontrolling interests | 108 | 1,060 | 1,533 | 1,844 | |
Net income attributable to shareholders | $ 117,727 | $ 109,244 | $ 358,232 | $ 339,234 | |
Net income per share: | |||||
Basic | $ 1.29 | $ 1.16 | $ 3.92 | $ 3.56 | |
Diluted | [1] | $ 1.28 | $ 1.15 | $ 3.87 | $ 3.52 |
Weighted-average shares outstanding: | |||||
Basic | 90,937 | 94,302 | 91,412 | 95,277 | |
Diluted | 91,938 | 95,363 | 92,487 | 96,302 | |
[1] | Stock-based compensation awards for the issuance of 824 and 821 shares for the third quarter and first nine months of 2016 and 759 and 656 shares for the third quarter and first nine months of 2015, 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 | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Consolidated net income | $ 117,835 | $ 110,304 | $ 359,765 | $ 341,078 |
Other comprehensive income: | ||||
Foreign currency translation adjustment and other | 16,336 | (34,931) | 38,005 | (185,591) |
Unrealized gain (loss) on investment securities, net | 1,273 | (2,553) | (2,408) | (260) |
Unrealized gain on interest rate swaps designated as cash flow hedges, net | 94 | 89 | 278 | 782 |
Employee benefit plan items, net | 814 | 883 | 5,578 | 2,607 |
Other comprehensive income (loss) | 18,517 | (36,512) | 41,453 | (182,462) |
Comprehensive income | 136,352 | 73,792 | 401,218 | 158,616 |
Less: Comprehensive income attributable to noncontrolling interests | 576 | 1,096 | 2,791 | 1,880 |
Comprehensive income attributable to shareholders | $ 135,776 | $ 72,696 | $ 398,427 | $ 156,736 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and cash equivalents | $ 384,415 | $ 273,090 | |
Accounts receivable, net | 5,912,085 | 6,161,418 | |
Inventories, net | 2,605,408 | 2,466,490 | |
Other current assets | 289,356 | 285,473 | |
Total current assets | 9,191,264 | 9,186,471 | |
Property, plant, and equipment, at cost: | |||
Land | 23,864 | 23,547 | |
Buildings and improvements | 174,127 | 162,011 | |
Machinery and equipment | 1,353,862 | 1,250,115 | |
Property, plant, and equipment, gross | 1,551,853 | 1,435,673 | |
Less: Accumulated depreciation and amortization | (801,340) | (735,495) | |
Property, plant, and equipment, net | 750,513 | 700,178 | |
Investments in affiliated companies | 89,059 | 73,376 | |
Intangible assets, net | 355,968 | 389,326 | |
Goodwill | [1] | 2,441,846 | 2,368,832 |
Other assets | 309,393 | 303,747 | |
Total assets | 13,138,043 | 13,021,930 | |
LIABILITIES AND EQUITY | |||
Accounts payable | 4,747,227 | 5,192,665 | |
Accrued expenses | 698,525 | 819,463 | |
Short-term borrowings, including current portion of long-term debt | 77,348 | 44,024 | |
Total current liabilities | 5,523,100 | 6,056,152 | |
Long-term debt | 2,704,851 | 2,380,575 | |
Other liabilities | 429,631 | 390,392 | |
Equity: | |||
Issued - 125,424 shares in both 2016 and 2015 | 125,424 | 125,424 | |
Capital in excess of par value | 1,102,697 | 1,107,314 | |
Treasury stock (35,838 and 34,501 shares in 2016 and 2015, respectively), at cost | (1,590,818) | (1,480,069) | |
Retained earnings | 5,032,712 | 4,674,480 | |
Accumulated other comprehensive loss | (244,511) | (284,706) | |
Total shareholders' equity | 4,425,504 | 4,142,443 | |
Noncontrolling interests | 54,957 | 52,368 | |
Total equity | 4,480,461 | 4,194,811 | |
Total liabilities and equity | $ 13,138,043 | $ 13,021,930 | |
[1] | The total carrying value of goodwill 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 Parenthetical - $ / shares shares in Thousands | Oct. 01, 2016 | Dec. 31, 2015 |
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 | 35,838 | 34,501 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 01, 2016 | Sep. 26, 2015 | |
Cash flows from operating activities: | ||
Consolidated net income | $ 359,765 | $ 341,078 |
Adjustments to reconcile consolidated net income to net cash provided by operations: | ||
Depreciation and amortization | 121,516 | 117,854 |
Amortization of stock-based compensation | 29,783 | 33,783 |
Equity in earnings of affiliated companies | (5,394) | (4,890) |
Deferred income taxes | 30,191 | 26,881 |
Gain on Sale of Investments | 0 | (2,008) |
Excess tax benefits from stock-based compensation arrangements | (4,953) | (5,863) |
Other | 4,464 | 8,057 |
Change in assets and liabilities, net of effects of acquired businesses: | ||
Accounts receivable | 335,455 | 1,056,282 |
Inventories | (117,674) | (44,890) |
Accounts payable | (513,365) | (1,318,702) |
Accrued expenses | (102,915) | (72,728) |
Other assets and liabilities | (1,121) | (23,910) |
Net cash provided by operating activities | 135,752 | 110,944 |
Cash flows from investing activities: | ||
Cash consideration paid for acquired businesses | (68,946) | (512,910) |
Acquisition of property, plant, and equipment | (126,341) | (113,056) |
Other | (12,000) | 2,008 |
Net cash used for investing activities | (207,287) | (623,958) |
Cash flows from financing activities: | ||
Change in short-term and other borrowings | 31,941 | (4,069) |
Proceeds from long-term bank borrowings, net | 320,000 | 238,700 |
Net proceeds from note offering | 0 | 688,162 |
Redemption of notes | 0 | (254,313) |
Proceeds from exercise of stock options | 16,686 | 14,722 |
Excess tax benefits from stock-based compensation arrangements | 4,953 | 5,863 |
Repurchases of common stock | (167,178) | (206,601) |
Other | (3,000) | (5,831) |
Net cash provided by financing activities | 203,402 | 476,633 |
Effect of exchange rate changes on cash | (20,542) | (27,230) |
Net increase (decrease) in cash and cash equivalents | 111,325 | (63,611) |
Cash and cash equivalents at beginning of period | 273,090 | 400,355 |
Cash and cash equivalents at end of period | $ 384,415 | $ 336,744 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 01, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented. The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year. These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's audited consolidated financial statements and accompanying notes for the year ended December 31, 2015 , as filed in the company's Annual Report on Form 10-K. Quarter End 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. Reclassification Certain prior period amounts were reclassified to conform to the current period presentation. |
Impact of Recently Issued Accou
Impact of Recently Issued Accounting Standards | 9 Months Ended |
Oct. 01, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Impact of Recently Issued Accounting Standards In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-17, Consolidation (Topic 810)("ASU No. 2016-17"). ASU No. 2016-17 amends the consolidation guidance on how variable interest entities should treat indirect interest in the entity held through related parties. ASU No. 2016-17 is effective for the company in the first quarter of 2017, with early adoption permitted, and is to be applied using a retrospective approach. The adoption of the provisions of ASU No. 2016-17 is not expected to have a material impact on the company's consolidated financial position or results of operations. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory (Topic 740)("ASU No. 2016-16"). ASU No. 2016-16 clarifies the accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. ASU No. 2016-16 is effective for the company in the first quarter of 2018, with early adoption permitted, and is to be applied using a modified retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-16. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230) ("ASU No. 2016-15"). ASU No. 2016-15 addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 is effective for the company in the first quarter of 2018, with early adoption permitted, and is to be applied using a retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-15. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU No. 2016-13"). ASU No. 2016-13 revises the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. ASU No. 2016-13 is effective for the company in the first quarter of 2020, with early adoption permitted, and is to be applied using a modified retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-13. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting (Topic 718) ("ASU No. 2016-09"). ASU No. 2016-09 revises the accounting treatment for excess tax benefits, minimum statutory tax withholding requirements, and forfeitures related to share-based awards. ASU No. 2016-09 is effective for the company in the first quarter of 2017, with early adoption permitted, and is to be applied using either a retrospective or a modified retrospective approach. The adoption of the provisions of ASU No. 2016-09 is not expected to have a material impact on the company's consolidated financial position or results of operations. In March 2016, the FASB issued Accounting Standards Update No. 2016-06, Derivatives and Hedging - Contingent Put and Call Options in Debt Instruments (Topic 815) ("ASU No. 2016-06"). ASU No. 2016-06 clarifies the steps required to assess whether a call or put option meets the criteria for bifurcation as an embedded derivative. Effective April 3, 2016, the company adopted the provisions of ASU No. 2016-06 on a prospective basis. The adoption of the provisions of ASU No. 2016-06 did not materially impact the company's consolidated financial position or results of operations. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires the entity to recognize the assets and liabilities for the rights and obligations created by leased assets. Leases will be classified as either finance or operating, with classification affecting expense recognition in the income statement. ASU No. 2016-02 is effective for the company in the first quarter of 2019, with early adoption permitted, and is to be applied using a modified retrospective approach. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2016-02. In January 2016, the 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 the company in the first quarter of 2018, with early adoption permitted, and is to be applied prospectively. 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 the company in the first quarter of 2017, 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 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. Effective January 1, 2016, the company adopted the provisions of ASU No. 2015-11 on a prospective basis. The adoption of the provisions of ASU No. 2015-11 did not materially impact the company's consolidated financial position or results of operations. 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 all existing revenue recognition guidance. 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 is effective for the company in the first quarter of 2018, with early adoption permitted in the first quarter of 2017. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. In March, April, and May 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU No. 2016-08"); ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing ("ASU No. 2016-10"); and ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients ("ASU No. 2016-12"), respectively. ASU No. 2016-08, ASU No. 2016-10, and ASU No. 2016-12 provide supplemental adoption guidance and clarification to ASU No. 2014-09, and must be adopted concurrently with the adoption of ASU No. 2014-09. The company is currently evaluating the potential effects of adopting the provisions of ASU No. 2014-09, ASU No. 2016-08, ASU No. 2016-10, and ASU No. 2016-12. |
Acquisitions
Acquisitions | 9 Months Ended |
Oct. 01, 2016 | |
Business Combinations [Abstract] | |
Acquisitions [Text Block] | Acquisitions 2016 Acquisitions During the first nine months of 2016 , the company completed three acquisitions for $68,064 , net of cash acquired. The impact of these acquisitions was not material to the company's consolidated financial position or results of operations. The pro forma impact of the 2016 acquisitions on the consolidated results of operations of the company for the first nine months of 2016 and 2015 as though the acquisitions occurred on January 1 was also not material. 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 the first nine months of 2016 and 2015 of $529,935 and $230,514 , respectively, 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 immixGroup acquisition: Accounts receivable, net $ 145,130 Other current assets 24,181 Property, plant, and equipment 1,569 Other assets 5,313 Identifiable intangible assets 46,400 Goodwill 183,840 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 $44,000 to customer relationships with a life of 13 years and $2,400 to amortizable trade name with a life of 5 years. The goodwill related to the immixGroup acquisition was recorded in the company's global enterprise computing solutions ("ECS") business segment. The intangible assets related to the immixGroup acquisition are deductible for income tax purposes. During 2015 , the company completed nine additional acquisitions for an aggregate purchase price of approximately $263,341 , net of cash acquired, inclusive of an initial 53.7% acquisition of Data Modul AG, and an additional 3.6% acquired subsequent to the original 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 unaudited consolidated results of operations for the third quarter and first nine months of 2015 , as well as the unaudited pro forma consolidated results of operations of the company, as though the 2015 acquisitions occurred on January 1: Quarter Ended Nine Months Ended September 26, 2015 September 26, 2015 As Reported Pro Forma As Reported Pro Forma Sales $ 5,698,304 $ 5,704,129 $ 16,530,678 $ 16,933,261 Net income attributable to shareholders 109,244 109,187 339,234 341,905 Net income per share: Basic $ 1.16 $ 1.16 $ 3.56 $ 3.59 Diluted $ 1.15 $ 1.14 $ 3.52 $ 3.55 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 , 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. |
Goodwill
Goodwill | 9 Months Ended |
Oct. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill 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. Goodwill of companies acquired, allocated to the company's business segments, is as follows: Global Components Global ECS Total Balance as of December 31, 2015 (a) $ 1,230,832 $ 1,138,000 $ 2,368,832 Acquisitions and related adjustments 20,740 39,614 60,354 Foreign currency translation adjustment 4,018 8,642 12,660 Balance as of October 1, 2016 (a) $ 1,255,590 $ 1,186,256 $ 2,441,846 (a) The total carrying value of goodwill 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 October 1, 2016 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 485,493 (238,987 ) 246,506 Developed technology 5 years 16,220 (10,993 ) 5,227 Other intangible assets (b) 7,015 (3,780 ) 3,235 $ 609,728 $ (253,760 ) $ 355,968 (b) Consists of non-competition agreements, sales backlog, and an amortizable trade name with useful lives ranging from two to five 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 (c) 917 (907 ) 10 $ 613,390 $ (224,064 ) $ 389,326 (c) Consists of non-competition agreements with useful lives ranging from two to three years. During the third quarters of 2016 and 2015 , the company recorded amortization expense related to identifiable intangible assets of $13,893 and $14,269 , respectively. During the first nine months of 2016 and 2015 , the company recorded amortization expense related to identifiable intangible assets of $41,252 and $39,293 , respectively. |
Investments in Affiliated Compa
Investments in Affiliated Companies | 9 Months Ended |
Oct. 01, 2016 | |
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 several other interests in affiliated companies. These investments are accounted for using the equity method. The following table presents the company's investment in affiliated companies: October 1, December 31, Marubun/Arrow $ 65,283 $ 62,530 Other 23,776 10,846 $ 89,059 $ 73,376 The equity in earnings of affiliated companies consists of the following: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Marubun/Arrow $ 1,549 $ 1,494 $ 5,059 $ 4,247 Other (238 ) 180 335 643 $ 1,311 $ 1,674 $ 5,394 $ 4,890 Under the terms of various joint venture agreements, the company is required to pay its pro-rata share of the third party debt of the joint ventures in the event that the joint ventures are unable to meet their obligations. At October 1, 2016 , the company's pro-rata share of this debt was approximately $185 . The company believes that there is sufficient equity in each of the joint ventures to meet their obligations. |
Accounts Receivable
Accounts Receivable | 9 Months Ended |
Oct. 01, 2016 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | Accounts Receivable Accounts receivable, net, consists of the following: October 1, December 31, Accounts receivable $ 5,963,744 $ 6,211,077 Allowances for doubtful accounts (51,659 ) (49,659 ) Accounts receivable, net $ 5,912,085 $ 6,161,418 The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. |
Debt
Debt | 9 Months Ended |
Oct. 01, 2016 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | Debt At October 1, 2016 and December 31, 2015 , short-term borrowings of $77,348 and $44,024 , respectively, were primarily utilized to support the working capital requirements. The weighted-average interest rate on these borrowings was 2.23% and 3.30% at October 1, 2016 and December 31, 2015 , respectively. Long-term debt consists of the following: October 1, December 31, Revolving credit facility $ — $ 72,000 Asset securitization program 467,000 75,000 6.875% senior debentures, due 2018 199,233 198,886 3.00% notes, due 2018 298,807 298,197 6.00% notes, due 2020 299,121 298,932 5.125% notes, due 2021 248,774 248,566 3.50% notes, due 2022 345,595 345,061 4.50% notes, due 2023 296,531 296,194 4.00% notes, due 2025 344,490 344,092 7.50% senior debentures, due 2027 198,477 198,366 Interest rate swaps designated as fair value hedges 1,373 711 Other obligations with various interest rates and due dates 5,450 4,570 $ 2,704,851 $ 2,380,575 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, using quoted market prices, is as follows: October 1, December 31, 6.875% senior debentures, due 2018 $ 214,000 $ 218,000 3.00% notes, due 2018 304,500 303,000 6.00% notes, due 2020 331,500 330,000 5.125% notes, due 2021 271,500 267,500 3.50% notes, due 2022 358,000 343,000 4.50% notes, due 2023 319,500 309,000 4.00% notes, due 2025 359,500 336,000 7.50% senior debentures, due 2027 247,000 238,000 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 October 1, 2016 ), which is based on the company's credit ratings, or an effective interest rate of 1.72% at October 1, 2016 . The facility fee, which is based on the company's credit ratings, was .20% at October 1, 2016 . There were no outstanding borrowings under the revolving credit facility at October 1, 2016. The company had $72,000 in outstanding borrowings under the revolving credit facility at December 31, 2015 . The company has an asset securitization program collateralized by accounts receivable of certain of its subsidiaries. In September 2016, the company amended its asset securitization program and, among other things, increased its borrowing capacity from $900,000 to $910,000 and extended its term to mature in September 2019. 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 true 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 October 1, 2016 ), which is based on the company's credit ratings, or an effective interest rate of 1.07% at October 1, 2016 . The facility fee is .40% . At October 1, 2016 and December 31, 2015 , the company had $467,000 and $75,000 , respectively, in outstanding borrowings under the asset securitization program, which was included in "Long-term debt" in the company's consolidated balance sheets. Total collateralized accounts receivable of approximately $1,631,581 and $1,871,831 , 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 October 1, 2016 and is currently not aware of any events that would cause non-compliance with any covenants in the future. During February 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 February 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 and was recognized as a loss on prepayment of debt, which was included in "Other expense, net" in the company's consolidated statements of operations. The company has a $100,000 uncommitted line of credit. There were no outstanding borrowings under the uncommitted line of credit at October 1, 2016 and December 31, 2015 . Interest and other financing expense, net, includes interest and dividend income of $1,874 and $5,264 for the third quarter and first nine months of 2016 , respectively. Interest and other financing expense, net, includes interest and dividend income of $1,299 and $3,761 for the third quarter and first nine months of 2015 , respectively. |
Financial Instruments Measured
Financial Instruments Measured at Fair Value | 9 Months Ended |
Oct. 01, 2016 | |
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 October 1, 2016 : Balance Sheet Level 1 Level 2 Level 3 Total Cash equivalents Other assets $ 3,525 $ — $ — $ 3,525 Available-for-sale securities Other assets 37,403 — — 37,403 Interest rate swaps Other assets — 1,373 — 1,373 Foreign exchange contracts Other current assets — 1,179 — 1,179 Foreign exchange contracts Accrued expenses — (2,047 ) — (2,047 ) Contingent consideration Accrued expenses — — (4,197 ) (4,197 ) $ 40,928 $ 505 $ (4,197 ) $ 37,236 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2015 : Balance Sheet Level 1 Level 2 Level 3 Total Cash equivalents Other assets $ 1,559 $ — $ — $ 1,559 Available-for-sale securities Other assets 41,178 — — 41,178 Interest rate swaps Other assets — 711 — 711 Foreign exchange contracts Other current assets — 2,625 — 2,625 Foreign exchange contracts Accrued expenses — (3,363 ) — (3,363 ) Contingent consideration Accrued expenses — — (3,889 ) (3,889 ) $ 42,737 $ (27 ) $ (3,889 ) $ 38,821 Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to goodwill and identifiable intangible assets (see Note C and D). The company tests these assets for impairment if indicators of potential impairment exist. During the first nine months of 2016 and 2015 , 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. The fair value of the company's available-for-sale securities is as follows: October 1, 2016 December 31, 2015 Marubun Mutual Funds Marubun Mutual Funds Cost basis $ 10,016 $ 17,535 $ 10,016 $ 17,389 Unrealized holding gain 3,515 6,337 8,708 5,065 Fair value $ 13,531 $ 23,872 $ 18,724 $ 22,454 The unrealized holding gains or losses on these investments are included in "Accumulated other comprehensive 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 designated as fair value hedges on a quarterly basis. The effective portion of the change in the fair value of designated interest rate swaps is recorded as a change to the carrying value of the related hedged debt. 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. As of October 1, 2016 and December 31, 2015, all outstanding interest rate swaps were designated as fair value hedges. The terms of our outstanding interest rate swap contracts at October 1, 2016 are as follows: Maturity Date Notional Amount Interest rate due from counterparty Interest rate due to counterparty April 2020 50,000 6.000% 6 mo. USD LIBOR + 3.896 June 2018 50,000 6.875% 6 mo. USD LIBOR + 5.301 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, sales, and inter-company transactions 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 for the applicable foreign exchange rate. The notional amount of the foreign exchange contracts at October 1, 2016 and December 31, 2015 was $372,460 and $382,025 , respectively. Gains and losses related to non-designated foreign currency exchange contracts are recorded in "Cost of sales" in the company's consolidated statements of operations. Gains and losses related to designated foreign currency exchange contracts are recorded in "Selling, general, and administrative expenses" in the company's consolidated statements of operations and were not material for the third quarter and first nine months of 2016 and 2015. The effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Gain (Loss) Recognized in Income Foreign exchange contracts $ (2,394 ) $ 4,440 $ (1,873 ) $ 3,383 Interest rate swaps (153 ) (144 ) (452 ) (377 ) Total $ (2,547 ) $ 4,296 $ (2,325 ) $ 3,006 Gain (Loss) Recognized in Other Comprehensive Income before reclassifications Foreign exchange contracts $ (55 ) $ 170 $ (588 ) $ 607 Interest rate swaps $ — $ — $ — $ 827 Other The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable approximate their fair value due to the short maturities of these financial instruments. |
Restructuring, Integration, and
Restructuring, Integration, and Other Charges | 9 Months Ended |
Oct. 01, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring, Integration and Other Charges [Text Block] | Restructuring, Integration, and Other Charges The following table presents the components of the restructuring, integration, and other charges: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Restructuring and integration charges - current period actions $ 12,028 $ 9,378 $ 22,131 $ 28,563 Restructuring and integration charges (credits) - actions taken in prior periods (487 ) 570 3,474 1,248 Other charges 12,726 7,808 35,556 21,288 $ 24,267 $ 17,756 $ 61,161 $ 51,099 2016 Restructuring and Integration Charges The following table presents the components of the 2016 restructuring and integration charges and activity in the related restructuring and integration accrual for the first nine months of 2016 : Personnel Costs Facilities Costs Other Total Restructuring and integration charges $ 18,007 $ 3,152 $ 972 $ 22,131 Payments (7,160 ) (604 ) (257 ) (8,021 ) Foreign currency translation (68 ) (20 ) 3 (85 ) Balance as of October 1, 2016 $ 10,779 $ 2,528 $ 718 $ 14,025 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. 2015 Restructuring and Integration Charges The following table presents the activity in the restructuring and integration accrual for the first nine months of 2016 related to the 2015 restructuring and integration: Personnel Costs Facilities Costs Other Total Balance as of December 31, 2015 $ 16,321 $ 403 $ 159 $ 16,883 Restructuring and integration charges 1,724 2,243 — 3,967 Payments (15,319 ) (827 ) (6 ) (16,152 ) Foreign currency translation 12 1 11 24 Balance as of October 1, 2016 $ 2,738 $ 1,820 $ 164 $ 4,722 Restructuring and Integration Accruals Related to Actions Taken Prior to 2015 The following table presents the activity in the restructuring and integration accruals for the first nine months of 2016 related to restructuring and integration actions taken prior to 2015 : Personnel Costs Facilities Costs Other Total Balance as of December 31, 2015 $ 2,754 $ 2,341 $ — $ 5,095 Restructuring and integration charges (credits) (308 ) (491 ) 306 (493 ) Payments (1,185 ) (1,180 ) (380 ) (2,745 ) Foreign currency translation 61 (22 ) 74 113 Balance as of October 1, 2016 $ 1,322 $ 648 $ — $ 1,970 Restructuring and Integration Accrual Summary In summary, the restructuring and integration accruals aggregate to $20,717 at October 1, 2016 , all of which are expected to be spent in cash, and are expected to be utilized as follows: • The accruals for personnel costs totaling $14,839 relate to the termination of personnel that have scheduled payouts of $8,413 in 2016 , $6,213 in 2017 , $179 in 2018 , $17 in 2019, and $17 in 2020. • The accruals for facilities totaling $4,996 relate to vacated leased properties that have scheduled payments of $3,114 in 2016 , $1,004 in 2017 , $703 in 2018 , and $175 in 2019. • Other accruals of $882 are expected to be spent within one year. Other Charges Included in restructuring, integration, and other charges for the third quarter and first nine months of 2016 are fraud loss, acquisition-related, and other expenses of $12,726 and $35,556 , respectively. The company determined that it 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 in January 2016. Legal actions by the company and law enforcement are ongoing. The information gathered by the company indicates that this is an isolated event not associated with a security breach or loss of data. Additionally, no officers or employees of the company were involved in the fraud. During the third quarter and first nine months of 2016, the company recorded a fraud loss, net of insurance recoveries, of $507 and $4,449 , respectively. Included within “Other current assets” is approximately $29,000 of cash frozen in outside bank accounts that the company believes is probable of recovery. Acquisition related charges for the third quarter and first nine months of 2016 of $2,679 and $7,645 , respectively, 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. In the third quarter and first nine months of 2016 , the company released a $2,376 legal reserve related to the Tekelec Matter (see Note M) and incurred an additional expense of $11,744 to increase its accrual for the Wyle Laboratories ("Wyle") environmental obligation (see Note M). During 2016, the company adopted an amendment to its Wyle defined benefit plan and incurred a settlement expense of $12,211 during the first nine months of 2016. Included in restructuring, integration, and other charges for the third quarter and first nine months of 2015 are acquisition-related expenses of $5,267 and $18,748 , respectively, 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. |
Net Income per Share
Net Income per Share | 9 Months Ended |
Oct. 01, 2016 | |
Earnings Per Share [Abstract] | |
Net Income per Share [Text Block] | Net Income per Share The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands): Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Net income attributable to shareholders $ 117,727 $ 109,244 $ 358,232 $ 339,234 Weighted-average shares outstanding - basic 90,937 94,302 91,412 95,277 Net effect of various dilutive stock-based compensation awards 1,001 1,061 1,075 1,025 Weighted-average shares outstanding - diluted 91,938 95,363 92,487 96,302 Net income per share: Basic $ 1.29 $ 1.16 $ 3.92 $ 3.56 Diluted (a) $ 1.28 $ 1.15 $ 3.87 $ 3.52 (a) Stock-based compensation awards for the issuance of 824 and 821 shares for the third quarter and first nine months of 2016 and 759 and 656 shares for the third quarter and first nine months of 2015 , respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Oct. 01, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Stockholders' Equity Note Disclosure [Text Block] | Shareholders' Equity Accumulated Other Comprehensive Income (Loss) The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: Quarter Ended Nine Months Ended October 1, 2016 September 26, 2015 October 1, 2016 September 26, 2015 Foreign Currency Translation Adjustment and Other: Other comprehensive income (loss) before reclassifications (a) $ 15,822 $ (35,575 ) $ 35,610 $ (186,913 ) Amounts reclassified into income 46 644 1,137 1,322 Unrealized Gain (Loss) on Investment Securities, Net: Other comprehensive income (loss) before reclassifications 1,273 (2,553 ) (2,408 ) (260 ) Amounts reclassified into income — — — — Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net: Other comprehensive income before reclassifications — — — 550 Amounts reclassified into income 94 89 278 232 Employee Benefit Plan Items, Net: Other comprehensive income before reclassifications 25 36 97 105 Amounts reclassified into income 789 847 5,481 2,502 Net change in Accumulated other comprehensive income (loss) $ 18,049 $ (36,512 ) $ 40,195 $ (182,462 ) (a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $(9,273) and $(38,092) for the third quarter and first nine months of 2016 and $19,887 and $27,821 for the third quarter and first nine months of 2015 , respectively. Share-Repurchase Program In September 2015, the company's Board approved a repurchase of up to $400,000 of the company's common stock. As of October 1, 2016 , the company repurchased 3,795,439 shares under the program with a market value of $230,926 at the dates of repurchase, of which 1,812,545 shares with a market value of $117,148 were repurchased during the third quarter of 2016 . |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Oct. 01, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans [Text Block] | Employee Benefit Plans In 2016, the company adopted an amendment to its Wyle defined benefit plan that provided eligible plan participants with the option to receive an early distribution of their pension benefits. Lump sum payments of $26,063 were made during June 2016 and the company incurred a settlement expense of $12,211 . The components of the net periodic benefit costs for the Wyle defined benefit plan are as follows: Quarter Ended Nine Months Ended October 1, 2016 September 26, 2015 October 1, 2016 September 26, 2015 Components of net periodic benefit costs: Service cost $ — $ — $ — $ — Interest cost 914 1,330 3,570 3,990 Expected return on plan assets (1,098 ) (1,790 ) (4,174 ) (5,370 ) Amortization of net loss 471 417 1,356 1,251 Amortization of prior service cost — — — — Net periodic benefit costs 287 (43 ) 752 (129 ) Settlement charge — — 12,211 — Net benefit costs $ 287 $ (43 ) $ 12,963 $ (129 ) |
Contingencies
Contingencies | 9 Months Ended |
Oct. 01, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies [Text Block] | Contingencies Environmental Matters 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. In 2012, the company entered into a settlement agreement with the sellers pursuant to which the sellers paid $110,000 and the company released the sellers from their indemnification obligation. As part of the settlement agreement, the company accepted responsibility for any potential subsequent costs incurred related to the Wyle matters. The company is aware of two Wyle Laboratories facilities (in Huntsville, Alabama and Norco, California) at which contaminated groundwater was identified and will require environmental remediation. In addition, the company was named as a defendant in several lawsuits related to the Norco facility and a third site in El Segundo, California which have now been settled to the satisfaction of the parties. The company expects these environmental liabilities to be resolved over an extended period of time. Costs are recorded for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accruals for environmental liabilities are adjusted periodically as facts and circumstances change, assessment and remediation efforts progress, or as additional technical or legal information becomes available. Environmental liabilities are difficult to assess and estimate due to various unknown factors such as the timing and extent of remediation, improvements in remediation technologies, and the extent to which environmental laws and regulations may change in the future. Accordingly, the company cannot presently fully estimate the ultimate potential costs related to these sites until such time as a substantial portion of the investigation at the sites is completed and remedial action plans are developed and, in some instances, implemented. To the extent that future environmental costs exceed amounts currently accrued by the company, net income would be adversely impacted and such impact could be material. Accruals for environmental liabilities are included in "Accrued expenses" and "Other liabilities" in the company's consolidated balance sheets. The company has determined that there is no amount within the environmental liability range that is a better estimate than any other amount, and therefore has recorded the accruals at the minimum amount of the ranges. 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 $5,000 was spent to date. The pace of the ongoing remedial investigations, project management, and regulatory oversight is likely to increase somewhat and, though the complete scope of the activities is not yet known, the company currently estimates additional investigative and related expenditures at the site of approximately $300 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 $53,000 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 $22,300 to $33,000 . Project management and regulatory oversight include costs incurred by project consultants for project management and costs billed by DTSC to provide regulatory oversight. Despite the amount of work undertaken and planned to date, the company is unable to estimate any potential costs in addition to those discussed above because the complete scope of the work under the RAP is not yet known, and, accordingly, the associated costs have yet to be determined. Tekelec Matter In 2000, the company purchased Tekelec Europe SA ("Tekelec") from Tekelec Airtronic SA and certain other selling shareholders. Subsequent to the closing of the acquisition, Tekelec received a product liability claim in the amount of €11,333 . The product liability claim was the subject of a French legal proceeding started by the claimant in 2002, under which separate determinations were made as to whether the products that are subject to the claim were defective and the amount of damages sustained by the purchaser. The manufacturer of the products also participated in this proceeding. The claimant commenced legal proceedings against Tekelec and its insurers to recover damages in the amount of €3,742 and expenses of €312 plus interest. In May 2012, the French court ruled in favor of Tekelec and dismissed the plaintiff's claims. In January 2015, the Court of Appeals confirmed the French court's ruling. Our counsel obtained a certificate of non-appeal in July 2016. Accordingly, the plaintiffs are precluded from appealing or bringing a new action asserting the same claims. Based upon these developments, the company has released the contingency reserve related to Tekelec during the third quarter of 2016. 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. At this time, 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 | 9 Months Ended |
Oct. 01, 2016 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information [Text Block] | Segment and Geographic Information The company is a global provider of products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions. The company distributes electronic components to original equipment manufacturers and contract manufacturers through its global components business segment and provides enterprise computing solutions to value-added resellers through its global ECS business segment. As a result of the company's philosophy of maximizing operating efficiencies through the centralization of certain functions, selected fixed assets and related depreciation, as well as borrowings, are not directly attributable to the individual operating segments and are included in the corporate business segment. Sales and operating income (loss), by segment, are as follows: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Sales: Global components $ 3,904,447 $ 3,692,051 $ 11,413,348 $ 10,736,989 Global ECS 2,031,645 2,006,253 5,969,022 5,793,689 Consolidated $ 5,936,092 $ 5,698,304 $ 17,382,370 $ 16,530,678 Operating income (loss): Global components $ 175,507 $ 164,744 $ 524,662 $ 499,456 Global ECS 96,181 84,233 283,792 250,144 Corporate (a) (73,004 ) (63,183 ) (204,814 ) (179,429 ) Consolidated $ 198,684 $ 185,794 $ 603,640 $ 570,171 (a) Includes restructuring, integration, and other charges of $24,267 and $61,161 for the third quarter and first nine months of 2016 and $17,756 and $51,099 for the third quarter and first nine months of 2015 , respectively. Total assets, by segment, are as follows: October 1, December 31, Global components $ 8,153,392 $ 7,276,143 Global ECS 4,241,577 5,074,529 Corporate 743,074 671,258 Consolidated $ 13,138,043 $ 13,021,930 Sales, by geographic area, are as follows: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Americas (b) $ 2,897,810 $ 2,850,586 $ 8,327,845 $ 8,224,901 EMEA (c) 1,548,067 1,591,751 4,990,973 4,761,688 Asia/Pacific 1,490,215 1,255,967 4,063,552 3,544,089 Consolidated $ 5,936,092 $ 5,698,304 $ 17,382,370 $ 16,530,678 (b) Includes sales related to the United States of $2,677,954 and $7,665,313 for the third quarter and first nine months of 2016 and $2,603,885 and $7,557,090 for the third quarter and first nine months of 2015 , respectively. (c) Defined as Europe, the Middle East, and Africa. Net property, plant, and equipment, by geographic area, is as follows: October 1, December 31, Americas (d) $ 621,175 $ 582,973 EMEA 93,318 88,727 Asia/Pacific 36,020 28,478 Consolidated $ 750,513 $ 700,178 (d) Includes net property, plant, and equipment related to the United States of $616,741 and $580,791 at October 1, 2016 and December 31, 2015 , respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Oct. 01, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Policy | The accompanying consolidated financial statements of Arrow Electronics, Inc. (the "company") were prepared in accordance with accounting principles generally accepted in the United States and reflect all adjustments of a normal recurring nature, which are, in the opinion of management, necessary for a fair presentation of the consolidated financial position and results of operations at and for the periods presented. The consolidated results of operations for the interim periods are not necessarily indicative of results for the full year. These consolidated financial statements do not include all of the information or notes necessary for a complete presentation and, accordingly, should be read in conjunction with the company's audited consolidated financial statements and accompanying notes for the year ended December 31, 2015 , as filed in the company's Annual Report on Form 10-K. |
Fiscal Period Policy | 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. |
Comparability of Prior Year Financial Data Policy | Certain prior period amounts were reclassified to conform to the current period presentation. |
Goodwill and Intangible Assets Policy | Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist. |
Allowance for Doubtful Accounts Policy | The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The allowances for doubtful accounts are determined using a combination of factors, including the length of time the receivables are outstanding, the current business environment, and historical experience. |
Fair Value of Debt Policy | The carrying amount of the company's short-term borrowings in various countries, revolving credit facility, asset securitization program, and other obligations approximate their fair value. |
Fair Value of Financial Instruments Policy | Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The company utilizes a fair value hierarchy, which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The fair value hierarchy has three levels of inputs that may be used to measure fair value: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable. |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
immixGroup [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 immixGroup acquisition: Accounts receivable, net $ 145,130 Other current assets 24,181 Property, plant, and equipment 1,569 Other assets 5,313 Identifiable intangible assets 46,400 Goodwill 183,840 Accounts payable (136,921 ) Accrued expenses (11,736 ) Other liabilities (5,527 ) Cash consideration paid, net of cash acquired $ 252,249 |
2015 Acquisition [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table summarizes the company's unaudited consolidated results of operations for the third quarter and first nine months of 2015 , as well as the unaudited pro forma consolidated results of operations of the company, as though the 2015 acquisitions occurred on January 1: Quarter Ended Nine Months Ended September 26, 2015 September 26, 2015 As Reported Pro Forma As Reported Pro Forma Sales $ 5,698,304 $ 5,704,129 $ 16,530,678 $ 16,933,261 Net income attributable to shareholders 109,244 109,187 339,234 341,905 Net income per share: Basic $ 1.16 $ 1.16 $ 3.56 $ 3.59 Diluted $ 1.15 $ 1.14 $ 3.52 $ 3.55 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Text Block] | Goodwill of companies acquired, allocated to the company's business segments, is as follows: Global Components Global ECS Total Balance as of December 31, 2015 (a) $ 1,230,832 $ 1,138,000 $ 2,368,832 Acquisitions and related adjustments 20,740 39,614 60,354 Foreign currency translation adjustment 4,018 8,642 12,660 Balance as of October 1, 2016 (a) $ 1,255,590 $ 1,186,256 $ 2,441,846 (a) The total carrying value of goodwill for all periods in the table above is reflected net of $1,018,780 of accumulated impairment charges, of which $716,925 was recorded in the global components business segment and $301,855 was recorded in the global ECS business segment. |
Intangible Assets Disclosure [Text Block] | Intangible assets, net, are comprised of the following as of October 1, 2016 : Weighted-Average Life Gross Carrying Amount Accumulated Amortization Net Trade names indefinite $ 101,000 $ — $ 101,000 Customer relationships 10 years 485,493 (238,987 ) 246,506 Developed technology 5 years 16,220 (10,993 ) 5,227 Other intangible assets (b) 7,015 (3,780 ) 3,235 $ 609,728 $ (253,760 ) $ 355,968 (b) Consists of non-competition agreements, sales backlog, and an amortizable trade name with useful lives ranging from two to five 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 (c) 917 (907 ) 10 $ 613,390 $ (224,064 ) $ 389,326 (c) Consists of non-competition agreements with useful lives ranging from two to three years. |
Investments in Affiliated Com24
Investments in Affiliated Companies (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Text Block] | The following table presents the company's investment in affiliated companies: October 1, December 31, Marubun/Arrow $ 65,283 $ 62,530 Other 23,776 10,846 $ 89,059 $ 73,376 |
Equity in Earnings of Affiliated Companies [Text Block] | The equity in earnings of affiliated companies consists of the following: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Marubun/Arrow $ 1,549 $ 1,494 $ 5,059 $ 4,247 Other (238 ) 180 335 643 $ 1,311 $ 1,674 $ 5,394 $ 4,890 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Text Block] | Accounts receivable, net, consists of the following: October 1, December 31, Accounts receivable $ 5,963,744 $ 6,211,077 Allowances for doubtful accounts (51,659 ) (49,659 ) Accounts receivable, net $ 5,912,085 $ 6,161,418 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) | 9 Months Ended |
Oct. 01, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Text Block] | Long-term debt consists of the following: October 1, December 31, Revolving credit facility $ — $ 72,000 Asset securitization program 467,000 75,000 6.875% senior debentures, due 2018 199,233 198,886 3.00% notes, due 2018 298,807 298,197 6.00% notes, due 2020 299,121 298,932 5.125% notes, due 2021 248,774 248,566 3.50% notes, due 2022 345,595 345,061 4.50% notes, due 2023 296,531 296,194 4.00% notes, due 2025 344,490 344,092 7.50% senior debentures, due 2027 198,477 198,366 Interest rate swaps designated as fair value hedges 1,373 711 Other obligations with various interest rates and due dates 5,450 4,570 $ 2,704,851 $ 2,380,575 |
Schedule of Fair Value of Debt [Text Block] | The estimated fair market value, using quoted market prices, is as follows: October 1, December 31, 6.875% senior debentures, due 2018 $ 214,000 $ 218,000 3.00% notes, due 2018 304,500 303,000 6.00% notes, due 2020 331,500 330,000 5.125% notes, due 2021 271,500 267,500 3.50% notes, due 2022 358,000 343,000 4.50% notes, due 2023 319,500 309,000 4.00% notes, due 2025 359,500 336,000 7.50% senior debentures, due 2027 247,000 238,000 |
Financial Instruments Measure27
Financial Instruments Measured at Fair Value (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Fair Value Disclosures [Abstract] | |
Description of Types of Interest Rate Fair Value Hedging Instruments Used | The terms of our outstanding interest rate swap contracts at October 1, 2016 are as follows: Maturity Date Notional Amount Interest rate due from counterparty Interest rate due to counterparty April 2020 50,000 6.000% 6 mo. USD LIBOR + 3.896 June 2018 50,000 6.875% 6 mo. USD LIBOR + 5.301 |
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 October 1, 2016 : Balance Sheet Level 1 Level 2 Level 3 Total Cash equivalents Other assets $ 3,525 $ — $ — $ 3,525 Available-for-sale securities Other assets 37,403 — — 37,403 Interest rate swaps Other assets — 1,373 — 1,373 Foreign exchange contracts Other current assets — 1,179 — 1,179 Foreign exchange contracts Accrued expenses — (2,047 ) — (2,047 ) Contingent consideration Accrued expenses — — (4,197 ) (4,197 ) $ 40,928 $ 505 $ (4,197 ) $ 37,236 The following table presents assets (liabilities) measured at fair value on a recurring basis at December 31, 2015 : Balance Sheet Level 1 Level 2 Level 3 Total Cash equivalents Other assets $ 1,559 $ — $ — $ 1,559 Available-for-sale securities Other assets 41,178 — — 41,178 Interest rate swaps Other assets — 711 — 711 Foreign exchange contracts Other current assets — 2,625 — 2,625 Foreign exchange contracts Accrued expenses — (3,363 ) — (3,363 ) Contingent consideration Accrued expenses — — (3,889 ) (3,889 ) $ 42,737 $ (27 ) $ (3,889 ) $ 38,821 |
Available-for-sale Securities [Text Block] | The fair value of the company's available-for-sale securities is as follows: October 1, 2016 December 31, 2015 Marubun Mutual Funds Marubun Mutual Funds Cost basis $ 10,016 $ 17,535 $ 10,016 $ 17,389 Unrealized holding gain 3,515 6,337 8,708 5,065 Fair value $ 13,531 $ 23,872 $ 18,724 $ 22,454 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Text Block] | The effects of derivative instruments on the company's consolidated statements of operations and other comprehensive income are as follows: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Gain (Loss) Recognized in Income Foreign exchange contracts $ (2,394 ) $ 4,440 $ (1,873 ) $ 3,383 Interest rate swaps (153 ) (144 ) (452 ) (377 ) Total $ (2,547 ) $ 4,296 $ (2,325 ) $ 3,006 Gain (Loss) Recognized in Other Comprehensive Income before reclassifications Foreign exchange contracts $ (55 ) $ 170 $ (588 ) $ 607 Interest rate swaps $ — $ — $ — $ 827 |
Restructuring, Integration, a28
Restructuring, Integration, and Other Charges (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring and Related Costs [Text Block] | The following table presents the components of the restructuring, integration, and other charges: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Restructuring and integration charges - current period actions $ 12,028 $ 9,378 $ 22,131 $ 28,563 Restructuring and integration charges (credits) - actions taken in prior periods (487 ) 570 3,474 1,248 Other charges 12,726 7,808 35,556 21,288 $ 24,267 $ 17,756 $ 61,161 $ 51,099 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | 2016 Restructuring and Integration Charges The following table presents the components of the 2016 restructuring and integration charges and activity in the related restructuring and integration accrual for the first nine months of 2016 : Personnel Costs Facilities Costs Other Total Restructuring and integration charges $ 18,007 $ 3,152 $ 972 $ 22,131 Payments (7,160 ) (604 ) (257 ) (8,021 ) Foreign currency translation (68 ) (20 ) 3 (85 ) Balance as of October 1, 2016 $ 10,779 $ 2,528 $ 718 $ 14,025 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. 2015 Restructuring and Integration Charges The following table presents the activity in the restructuring and integration accrual for the first nine months of 2016 related to the 2015 restructuring and integration: Personnel Costs Facilities Costs Other Total Balance as of December 31, 2015 $ 16,321 $ 403 $ 159 $ 16,883 Restructuring and integration charges 1,724 2,243 — 3,967 Payments (15,319 ) (827 ) (6 ) (16,152 ) Foreign currency translation 12 1 11 24 Balance as of October 1, 2016 $ 2,738 $ 1,820 $ 164 $ 4,722 Restructuring and Integration Accruals Related to Actions Taken Prior to 2015 The following table presents the activity in the restructuring and integration accruals for the first nine months of 2016 related to restructuring and integration actions taken prior to 2015 : Personnel Costs Facilities Costs Other Total Balance as of December 31, 2015 $ 2,754 $ 2,341 $ — $ 5,095 Restructuring and integration charges (credits) (308 ) (491 ) 306 (493 ) Payments (1,185 ) (1,180 ) (380 ) (2,745 ) Foreign currency translation 61 (22 ) 74 113 Balance as of October 1, 2016 $ 1,322 $ 648 $ — $ 1,970 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table presents the computation of net income per share on a basic and diluted basis (shares in thousands): Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Net income attributable to shareholders $ 117,727 $ 109,244 $ 358,232 $ 339,234 Weighted-average shares outstanding - basic 90,937 94,302 91,412 95,277 Net effect of various dilutive stock-based compensation awards 1,001 1,061 1,075 1,025 Weighted-average shares outstanding - diluted 91,938 95,363 92,487 96,302 Net income per share: Basic $ 1.29 $ 1.16 $ 3.92 $ 3.56 Diluted (a) $ 1.28 $ 1.15 $ 3.87 $ 3.52 (a) Stock-based compensation awards for the issuance of 824 and 821 shares for the third quarter and first nine months of 2016 and 759 and 656 shares for the third quarter and first nine months of 2015 , respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders' Equity Components
Shareholders' Equity Components of Other Comprehensive Income (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Changes in Components of Accumulated Other Comprehensive Income [Abstract] | |
Components of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the changes in Accumulated other comprehensive income (loss), excluding noncontrolling interests: Quarter Ended Nine Months Ended October 1, 2016 September 26, 2015 October 1, 2016 September 26, 2015 Foreign Currency Translation Adjustment and Other: Other comprehensive income (loss) before reclassifications (a) $ 15,822 $ (35,575 ) $ 35,610 $ (186,913 ) Amounts reclassified into income 46 644 1,137 1,322 Unrealized Gain (Loss) on Investment Securities, Net: Other comprehensive income (loss) before reclassifications 1,273 (2,553 ) (2,408 ) (260 ) Amounts reclassified into income — — — — Unrealized Gain on Interest Rate Swaps Designated as Cash Flow Hedges, Net: Other comprehensive income before reclassifications — — — 550 Amounts reclassified into income 94 89 278 232 Employee Benefit Plan Items, Net: Other comprehensive income before reclassifications 25 36 97 105 Amounts reclassified into income 789 847 5,481 2,502 Net change in Accumulated other comprehensive income (loss) $ 18,049 $ (36,512 ) $ 40,195 $ (182,462 ) (a) Includes intra-entity foreign currency transactions that are of a long-term investment nature of $(9,273) and $(38,092) for the third quarter and first nine months of 2016 and $19,887 and $27,821 for the third quarter and first nine months of 2015 , respectively. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of the net periodic benefit costs for the Wyle defined benefit plan are as follows: Quarter Ended Nine Months Ended October 1, 2016 September 26, 2015 October 1, 2016 September 26, 2015 Components of net periodic benefit costs: Service cost $ — $ — $ — $ — Interest cost 914 1,330 3,570 3,990 Expected return on plan assets (1,098 ) (1,790 ) (4,174 ) (5,370 ) Amortization of net loss 471 417 1,356 1,251 Amortization of prior service cost — — — — Net periodic benefit costs 287 (43 ) 752 (129 ) Settlement charge — — 12,211 — Net benefit costs $ 287 $ (43 ) $ 12,963 $ (129 ) |
Segment and Geographic Inform32
Segment and Geographic Information (Tables) | 9 Months Ended |
Oct. 01, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Text Block] | Sales and operating income (loss), by segment, are as follows: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Sales: Global components $ 3,904,447 $ 3,692,051 $ 11,413,348 $ 10,736,989 Global ECS 2,031,645 2,006,253 5,969,022 5,793,689 Consolidated $ 5,936,092 $ 5,698,304 $ 17,382,370 $ 16,530,678 Operating income (loss): Global components $ 175,507 $ 164,744 $ 524,662 $ 499,456 Global ECS 96,181 84,233 283,792 250,144 Corporate (a) (73,004 ) (63,183 ) (204,814 ) (179,429 ) Consolidated $ 198,684 $ 185,794 $ 603,640 $ 570,171 (a) Includes restructuring, integration, and other charges of $24,267 and $61,161 for the third quarter and first nine months of 2016 and $17,756 and $51,099 for the third quarter and first nine months of 2015 , respectively. |
Reconciliation of Assets from Segment to Consolidated [Text Block] | Total assets, by segment, are as follows: October 1, December 31, Global components $ 8,153,392 $ 7,276,143 Global ECS 4,241,577 5,074,529 Corporate 743,074 671,258 Consolidated $ 13,138,043 $ 13,021,930 |
Schedule Of Revenues From External Customers And Long Lived Assets By Geographical Areas Table [Text Block] | Sales, by geographic area, are as follows: Quarter Ended Nine Months Ended October 1, September 26, October 1, September 26, Americas (b) $ 2,897,810 $ 2,850,586 $ 8,327,845 $ 8,224,901 EMEA (c) 1,548,067 1,591,751 4,990,973 4,761,688 Asia/Pacific 1,490,215 1,255,967 4,063,552 3,544,089 Consolidated $ 5,936,092 $ 5,698,304 $ 17,382,370 $ 16,530,678 (b) Includes sales related to the United States of $2,677,954 and $7,665,313 for the third quarter and first nine months of 2016 and $2,603,885 and $7,557,090 for the third quarter and first nine months of 2015 , respectively. (c) Defined as Europe, the Middle East, and Africa. Net property, plant, and equipment, by geographic area, is as follows: October 1, December 31, Americas (d) $ 621,175 $ 582,973 EMEA 93,318 88,727 Asia/Pacific 36,020 28,478 Consolidated $ 750,513 $ 700,178 (d) Includes net property, plant, and equipment related to the United States of $616,741 and $580,791 at October 1, 2016 and December 31, 2015 , respectively. |
Acquisitions (Details)
Acquisitions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 01, 2016USD ($)$ / shares | Sep. 26, 2015USD ($)$ / shares | Oct. 01, 2016USD ($)Acquisitions$ / shares | Sep. 26, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)Acquisitions | ||
Business Acquisition [Line Items] | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 529,935 | $ 230,514 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 68,946 | 512,910 | ||||
Goodwill | [1] | $ 2,441,846 | 2,441,846 | $ 2,368,832 | ||
Sales | 5,936,092 | $ 5,698,304 | 17,382,370 | 16,530,678 | ||
Business Acquisition, Pro Forma Revenue | 5,704,129 | 16,933,261 | ||||
Net income attributable to shareholders | $ 117,727 | 109,244 | $ 358,232 | 339,234 | ||
Business Acquisition, Pro Forma Net Income (Loss) | $ 109,187 | $ 341,905 | ||||
Basic | $ / shares | $ 1.29 | $ 1.16 | $ 3.92 | $ 3.56 | ||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | 1.16 | 3.59 | ||||
Diluted | $ / shares | [2] | $ 1.28 | 1.15 | $ 3.87 | 3.52 | |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 1.14 | $ 3.55 | ||||
Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | ||||
immixGroup [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 280,454 | |||||
Cash Acquired from Acquisition | 28,205 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 145,130 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 24,181 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,569 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 5,313 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 46,400 | |||||
Goodwill | 183,840 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (136,921) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (11,736) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (5,527) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 252,249 | |||||
immixGroup [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Customer Relationships, Gross | $ 44,000 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | |||||
immixGroup [Member] | Trade Names [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||
Finite-Lived Trade Names, Gross | $ 2,400 | |||||
Data Modul AG [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 53.70% | |||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | 3.60% | |||||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Businesses Acquired | Acquisitions | 3 | 9 | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 68,064 | $ 263,341 | ||||
Debt acquired from acquisition | $ 84,487 | |||||
[1] | The total carrying value of goodwill 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] | Stock-based compensation awards for the issuance of 824 and 821 shares for the third quarter and first nine months of 2016 and 759 and 656 shares for the third quarter and first nine months of 2015, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 9 Months Ended | |
Oct. 01, 2016USD ($) | ||
Goodwill [Roll Forward] | ||
December 31, 2015 | $ 2,368,832 | [1] |
Acquisitions and related adjustments | 60,354 | |
Foreign currency translation adjustment | 12,660 | |
October 1, 2016 | 2,441,846 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 1,018,780 | |
Global Components [Member] | ||
Goodwill [Roll Forward] | ||
December 31, 2015 | 1,230,832 | [1] |
Acquisitions and related adjustments | 20,740 | |
Foreign currency translation adjustment | 4,018 | |
October 1, 2016 | 1,255,590 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | 716,925 | |
Global ECS [Member] | ||
Goodwill [Roll Forward] | ||
December 31, 2015 | 1,138,000 | [1] |
Acquisitions and related adjustments | 39,614 | |
Foreign currency translation adjustment | 8,642 | |
October 1, 2016 | 1,186,256 | [1] |
Goodwill, Impaired, Accumulated Impairment Loss | $ 301,855 | |
[1] | The total carrying value of goodwill 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 $301,855 was recorded in the global ECS business segment. |
Goodwill - Intangibles (Details
Goodwill - Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Dec. 31, 2015 | ||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | $ 609,728 | $ 609,728 | $ 613,390 | |||||
Accumulated Amortization | (253,760) | (253,760) | (224,064) | |||||
Net | 355,968 | 355,968 | $ 389,326 | |||||
Amortization of Intangible Assets | 13,893 | $ 14,269 | $ 41,252 | $ 39,293 | ||||
Customer Relationships [Member] | ||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||
Weighted-Average Life | 10 years | 10 years | ||||||
Gross Carrying Amount | 485,493 | $ 485,493 | $ 498,319 | |||||
Accumulated Amortization | (238,987) | (238,987) | (215,263) | |||||
Net | 246,506 | $ 246,506 | $ 283,056 | |||||
Developed Technology [Member] | ||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||
Weighted-Average Life | 5 years | 5 years | ||||||
Gross Carrying Amount | 16,220 | $ 16,220 | $ 13,154 | |||||
Accumulated Amortization | (10,993) | (10,993) | (7,894) | |||||
Net | 5,227 | 5,227 | 5,260 | |||||
Other Intangible Assets [Member] | ||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | 7,015 | [1] | 7,015 | [1] | 917 | [2] | ||
Accumulated Amortization | (3,780) | [1] | (3,780) | [1] | (907) | [2] | ||
Net | 3,235 | [1] | 3,235 | [1] | 10 | [2] | ||
Trade Names [Member] | ||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||
Gross Carrying Amount | 101,000 | 101,000 | 101,000 | |||||
Accumulated Amortization | 0 | 0 | 0 | |||||
Net | $ 101,000 | $ 101,000 | $ 101,000 | |||||
Minimum [Member] | Other Intangible Assets [Member] | ||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Useful Life | 2 years | 2 years | ||||||
Maximum [Member] | Other Intangible Assets [Member] | ||||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Useful Life | 5 years | 3 years | ||||||
[1] | Consists of non-competition agreements, sales backlog, and an amortizable trade name with useful lives ranging from two to five years. | |||||||
[2] | Consists of non-competition agreements with useful lives ranging from two to three years. |
Investments in Affiliated Com36
Investments in Affiliated Companies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment Pro Rata Share of Debt Obligations of Joint Venture | $ 185 | $ 185 | |||
Investments in affiliated companies | 89,059 | 89,059 | $ 73,376 | ||
Equity in earnings of affiliated companies | 1,311 | $ 1,674 | 5,394 | $ 4,890 | |
Marubun Arrow [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investments in affiliated companies | 65,283 | 65,283 | 62,530 | ||
Equity in earnings of affiliated companies | $ 1,549 | 1,494 | $ 5,059 | 4,247 | |
Other joint ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Investments in affiliated companies | $ 23,776 | $ 23,776 | $ 10,846 | ||
Equity in earnings of affiliated companies | $ (238) | $ 180 | $ 335 | $ 643 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Accounts receivable | $ 5,963,744 | $ 6,211,077 |
Allowances for doubtful accounts | (51,659) | (49,659) |
Accounts receivable, net | $ 5,912,085 | $ 6,161,418 |
Debt - ST Debt (Details)
Debt - ST Debt (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Debt, Current | $ 77,348 | $ 44,024 |
Short-term Debt, Weighted Average Interest Rate | 2.23% | 3.30% |
Short-term borrowings in various countries [Member] | ||
Short-term Debt [Line Items] | ||
Debt, Current | $ 77,348 | $ 44,024 |
Debt - LT Debt (Details)
Debt - LT Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Mar. 28, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Short-term Debt, Weighted Average Interest Rate | 2.23% | 2.23% | 3.30% | |||
Long-term debt | $ 2,704,851 | $ 2,704,851 | $ 2,380,575 | |||
Redemption of Notes, Principal Amount | $ 250,000 | |||||
Net proceeds from note offering | 0 | $ 688,162 | ||||
Losses on Extinguishment of Debt | 2,943 | |||||
Accounts receivable, net | 5,912,085 | 5,912,085 | 6,161,418 | |||
Investment Income, Interest and Dividend | 1,874 | $ 1,299 | 5,264 | $ 3,761 | ||
Revolving Credit Facility due in 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 0 | $ 0 | 72,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | 1.30% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.72% | 1.72% | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | 0.20% | ||||
Maximum Borrowing Capacity | $ 1,500,000 | $ 1,500,000 | ||||
Asset securitization program [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 467,000 | $ 467,000 | 75,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.07% | 1.07% | ||||
Asset Securitization Program Facility Fee | 0.40% | 0.40% | ||||
Asset Securitization Program Interest Rate Spread At End of Period | 0.40% | 0.40% | ||||
Accounts receivable, net | $ 1,631,581 | $ 1,631,581 | 1,871,831 | |||
Maximum Borrowing Capacity | 910,000 | 910,000 | ||||
Asset Securitization Program Prior Maximum Capacity | 900,000 | 900,000 | ||||
Senior Debentures Due in 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | 214,000 | 214,000 | 218,000 | |||
Long-term debt | $ 199,233 | $ 199,233 | 198,886 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | ||||
3.00% notes, due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ 304,500 | $ 304,500 | 303,000 | |||
Long-term debt | $ 298,807 | $ 298,807 | 298,197 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | ||||
6.00% notes, due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ 331,500 | $ 331,500 | 330,000 | |||
Long-term debt | $ 299,121 | $ 299,121 | 298,932 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||
5.125% notes, due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ 271,500 | $ 271,500 | 267,500 | |||
Long-term debt | $ 248,774 | $ 248,774 | 248,566 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | ||||
3.50% notes, due in 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ 358,000 | $ 358,000 | 343,000 | |||
Long-term debt | $ 345,595 | $ 345,595 | 345,061 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | 3.50% | ||||
Debt Instrument, Face Amount | $ 350,000 | $ 350,000 | ||||
4.50% notes, due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | 319,500 | 319,500 | 309,000 | |||
Long-term debt | $ 296,531 | $ 296,531 | 296,194 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | ||||
4.00% notes, due in 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ 359,500 | $ 359,500 | 336,000 | |||
Long-term debt | $ 344,490 | $ 344,490 | 344,092 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 4.00% | ||||
Debt Instrument, Face Amount | $ 350,000 | $ 350,000 | ||||
Notes Due in 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.375% | 3.375% | ||||
7.5% senior debentures, due 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fair Value Disclosure | $ 247,000 | $ 247,000 | 238,000 | |||
Long-term debt | $ 198,477 | $ 198,477 | 198,366 | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | 7.50% | ||||
Interest rate swaps designated as fair value hedges [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 1,373 | $ 1,373 | 711 | |||
Other obligations with various interest rates and due dates [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Other Notes Payable, Noncurrent | 5,450 | 5,450 | $ 4,570 | |||
Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum Borrowing Capacity | $ 100,000 | $ 100,000 |
Financial Instruments Measure40
Financial Instruments Measured at Fair Value - Fair Value Hierarchy (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | $ 3,525 | $ 1,559 |
Available-for-sale securities | 37,403 | 41,178 |
Interest rate swaps - asset | 1,373 | 711 |
Foreign exchange contracts - asset | 1,179 | 2,625 |
Foreign exchange contracts - liability | (2,047) | (3,363) |
Contingent consideration | (4,197) | (3,889) |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | (37,236) | (38,821) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 3,525 | 1,559 |
Available-for-sale securities | 37,403 | 41,178 |
Interest rate swaps - asset | 0 | 0 |
Foreign exchange contracts - asset | 0 | 0 |
Foreign exchange contracts - liability | 0 | 0 |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | (40,928) | (42,737) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Interest rate swaps - asset | 1,373 | 711 |
Foreign exchange contracts - asset | 1,179 | 2,625 |
Foreign exchange contracts - liability | (2,047) | (3,363) |
Contingent consideration | 0 | 0 |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | (505) | 27 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash Equivalents | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Interest rate swaps - asset | 0 | 0 |
Foreign exchange contracts - asset | 0 | 0 |
Foreign exchange contracts - liability | 0 | 0 |
Contingent consideration | (4,197) | (3,889) |
Total Fair Value Assets And Liabilities Measured On Recurring Basis | $ (4,197) | $ (3,889) |
Financial Instruments Measure41
Financial Instruments Measured at Fair Value - AFS (Details) - USD ($) $ in Thousands | Oct. 01, 2016 | Dec. 31, 2015 |
Marubun [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available For Sale Investment Ownership Percentage | 8.40% | |
Cost basis | $ 10,016 | $ 10,016 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 3,515 | 8,708 |
Fair value | 13,531 | 18,724 |
Mutual Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost basis | 17,535 | 17,389 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 6,337 | 5,065 |
Fair value | $ 23,872 | $ 22,454 |
Financial Instruments Measure42
Financial Instruments Measured at Fair Value - Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | 6 mo. USD LIBOR + | ||||
Notional Amount | $ 372,460 | $ 372,460 | $ 382,025 | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (2,547) | $ 4,296 | (2,325) | $ 3,006 | |
Interest rate swaps designated as fair value hedges [Member] | Notes Due in 2020 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 50,000 | 50,000 | |||
Interest rate swaps designated as fair value hedges [Member] | Senior Debentures Due in 2018 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount | 50,000 | 50,000 | |||
Interest Rate Swap [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (153) | (144) | (452) | (377) | |
Foreign Exchange Contract [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | (2,394) | 4,440 | (1,873) | 3,383 | |
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | 0 | 0 | 0 | 827 | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net | $ (55) | $ 170 | $ (588) | $ 607 | |
due to counterparty [Member] | Notes Due in 2020 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Variable Interest Rate | 3.896% | 3.896% | |||
due to counterparty [Member] | Senior Debentures Due in 2018 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Variable Interest Rate | 5.301% | 5.301% | |||
Due From Counterparty [Member] | Notes Due in 2020 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fixed Interest Rate | 6.00% | 6.00% | |||
Due From Counterparty [Member] | Senior Debentures Due in 2018 [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, Fixed Interest Rate | 6.875% | 6.875% |
Restructuring, Integration, a43
Restructuring, Integration, and Other Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | $ 24,267 | $ 17,756 | $ 61,161 | $ 51,099 |
Settlement charge | 0 | 0 | 12,211 | 0 |
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Fraud Loss | 507 | 4,449 | ||
Other Assets, Miscellaneous | 29,000 | 29,000 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 2,679 | 7,645 | ||
Loss Contingency Accrual, Period Decrease | (2,376) | (2,376) | ||
Accrual for Environmental Loss Contingencies, Material Changes in Accrual | 11,744 | 11,744 | ||
Restructuring Charges 2016 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 12,028 | 9,378 | 22,131 | 28,563 |
Restructuring Charges 2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 18,007 | |||
Restructuring Charges 2016 Plan [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 3,152 | |||
Restructuring Charges 2016 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | 972 | |||
Restructuring Charges 2015 Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 3,967 | |||
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 1,724 | |||
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 2,243 | |||
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 0 | |||
Restructuring Charges From Prior to 2015 [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (493) | |||
Restructuring Charges From Prior to 2015 [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (308) | |||
Restructuring Charges From Prior to 2015 [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (491) | |||
Restructuring Charges From Prior to 2015 [Member] | Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 306 | |||
Restructuring Charges From Prior Periods [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | (487) | 570 | 3,474 | 1,248 |
Restructuring Charges From Acquisitions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, integration, and other charges | $ 12,726 | 7,808 | $ 35,556 | 21,288 |
Acquisition-related expenses (credits) | $ 5,267 | $ 18,748 |
Restructuring, Integration, a44
Restructuring, Integration, and Other Charges - Accrual (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016USD ($) | Sep. 26, 2015USD ($) | Oct. 01, 2016USD ($) | Sep. 26, 2015USD ($) | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | $ 24,267 | $ 17,756 | $ 61,161 | $ 51,099 |
Restructuring Reserve | 20,717 | 20,717 | ||
Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 14,839 | 14,839 | ||
Restructuring Reserve Scheduled Severance Payments Current Year | 8,413 | 8,413 | ||
Restructuring Reserve Scheduled Severance Payments Year One | 6,213 | 6,213 | ||
Restructuring Reserve Scheduled Severance Payments Year Two | 179 | 179 | ||
Restructuring Reserve Scheduled Severance Payments Year Three | 17 | 17 | ||
Restructuring Reserve Scheduled Severance Payments Year Four | 17 | 17 | ||
Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 4,996 | 4,996 | ||
Restructuring Reserve Scheduled Lease Payments Current Year | 3,114 | 3,114 | ||
Restructuring Reserve Scheduled Lease Payments Year One | 1,004 | 1,004 | ||
Restructuring Reserve Scheduled Lease Payments Year Two | 703 | 703 | ||
Restructuring Reserve Scheduled Lease Payments Year Three | 175 | 175 | ||
Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | $ 882 | $ 882 | ||
Number of Years for the Other Accrual to Be Spent | 1 | 1 | ||
Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Loss Contingency Accrual, Period Increase (Decrease) | $ 2,376 | $ 2,376 | ||
Restructuring Charges 2015 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 16,883 | |||
Restructuring Reserve, Accrual Adjustment | 3,967 | |||
Payments for Restructuring | (16,152) | |||
Restructuring Reserve, Translation Adjustment | 24 | |||
Restructuring Reserve | 4,722 | 4,722 | ||
Restructuring Charges 2015 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 16,321 | |||
Restructuring Reserve, Accrual Adjustment | 1,724 | |||
Payments for Restructuring | (15,319) | |||
Restructuring Reserve, Translation Adjustment | 12 | |||
Restructuring Reserve | 2,738 | 2,738 | ||
Restructuring Charges 2015 Plan [Member] | Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 403 | |||
Restructuring Reserve, Accrual Adjustment | 2,243 | |||
Payments for Restructuring | (827) | |||
Restructuring Reserve, Translation Adjustment | 1 | |||
Restructuring Reserve | 1,820 | 1,820 | ||
Restructuring Charges 2015 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 159 | |||
Restructuring Reserve, Accrual Adjustment | 0 | |||
Payments for Restructuring | (6) | |||
Restructuring Reserve, Translation Adjustment | 11 | |||
Restructuring Reserve | 164 | 164 | ||
Restructuring Charges 2016 Plan [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 12,028 | 9,378 | 22,131 | 28,563 |
Payments for Restructuring | (8,021) | |||
Restructuring Reserve, Translation Adjustment | (85) | |||
Restructuring Reserve | 14,025 | 14,025 | ||
Restructuring Charges 2016 Plan [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 18,007 | |||
Payments for Restructuring | (7,160) | |||
Restructuring Reserve, Translation Adjustment | (68) | |||
Restructuring Reserve | 10,779 | 10,779 | ||
Restructuring Charges 2016 Plan [Member] | Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 3,152 | |||
Payments for Restructuring | (604) | |||
Restructuring Reserve, Translation Adjustment | (20) | |||
Restructuring Reserve | 2,528 | 2,528 | ||
Restructuring Charges 2016 Plan [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | 972 | |||
Payments for Restructuring | (257) | |||
Restructuring Reserve, Translation Adjustment | 3 | |||
Restructuring Reserve | 718 | 718 | ||
Restructuring Charges From Prior Periods [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | (487) | 570 | 3,474 | 1,248 |
Restructuring Charges From Prior to 2015 [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 5,095 | |||
Restructuring Reserve, Accrual Adjustment | (493) | |||
Payments for Restructuring | (2,745) | |||
Restructuring Reserve, Translation Adjustment | 113 | |||
Restructuring Reserve | 1,970 | 1,970 | ||
Restructuring Charges From Prior to 2015 [Member] | Employee Severance [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 2,754 | |||
Restructuring Reserve, Accrual Adjustment | (308) | |||
Payments for Restructuring | (1,185) | |||
Restructuring Reserve, Translation Adjustment | 61 | |||
Restructuring Reserve | 1,322 | 1,322 | ||
Restructuring Charges From Prior to 2015 [Member] | Facility Closing [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 2,341 | |||
Restructuring Reserve, Accrual Adjustment | (491) | |||
Payments for Restructuring | (1,180) | |||
Restructuring Reserve, Translation Adjustment | (22) | |||
Restructuring Reserve | 648 | 648 | ||
Restructuring Charges From Prior to 2015 [Member] | Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve | 0 | |||
Restructuring Reserve, Accrual Adjustment | 306 | |||
Payments for Restructuring | (380) | |||
Restructuring Reserve, Translation Adjustment | 74 | |||
Restructuring Reserve | 0 | 0 | ||
Restructuring Charges From Acquisitions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Acquisition-related expenses (credits) | 5,267 | 18,748 | ||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | $ 12,726 | $ 7,808 | $ 35,556 | $ 21,288 |
Net Income per Share (Details)
Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | ||
Earnings Per Share, Diluted [Line Items] | |||||
Net income attributable to shareholders | $ 117,727 | $ 109,244 | $ 358,232 | $ 339,234 | |
Weighted average shares outstanding - basic | 90,937 | 94,302 | 91,412 | 95,277 | |
Net effect of various dilutive stock-based compensation awards | 1,001 | 1,061 | 1,075 | 1,025 | |
Weighted average shares outstanding - diluted | 91,938 | 95,363 | 92,487 | 96,302 | |
Net income per share: | |||||
Basic | $ 1.29 | $ 1.16 | $ 3.92 | $ 3.56 | |
Diluted | [1] | $ 1.28 | $ 1.15 | $ 3.87 | $ 3.52 |
Stock Compensation Plan [Member] | |||||
Net income per share: | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 824 | 759 | 821 | 656 | |
[1] | Stock-based compensation awards for the issuance of 824 and 821 shares for the third quarter and first nine months of 2016 and 759 and 656 shares for the third quarter and first nine months of 2015, respectively, were excluded from the computation of net income per share on a diluted basis as their effect was anti-dilutive. |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | ||
Changes In Components Of OCI [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other | $ 16,336 | $ (34,931) | $ 38,005 | $ (185,591) | |
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 1,273 | (2,553) | (2,408) | (260) | |
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Net | 94 | 89 | 278 | 782 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (814) | (883) | (5,578) | (2,607) | |
Net change in accumulated other comprehensive income (loss) | $ 18,049 | (36,512) | $ 40,195 | (182,462) | |
Stock Repurchase Program, Authorized Amount | 400,000 | 400,000 | |||
Treasury Stock, Shares, Acquired | 1,812,545 | 3,795,439 | |||
Treasury Stock, Value, Acquired, Cost Method | $ 117,148 | $ 230,926 | |||
Other comprehensive income before reclassifications [Member] | |||||
Changes In Components Of OCI [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other | [1] | 15,822 | (35,575) | 35,610 | (186,913) |
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 1,273 | (2,553) | (2,408) | (260) | |
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Net | 0 | 0 | 0 | 550 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 25 | 36 | 97 | 105 | |
Other comprehensive income before reclassifications [Member] | Intra-entity foreign currency transactions [Member] | |||||
Changes In Components Of OCI [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other | (9,273) | 19,887 | (38,092) | 27,821 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Changes In Components Of OCI [Line Items] | |||||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment and Other | 46 | 644 | 1,137 | 1,322 | |
Other Comprehensive Income (Loss) Unrealized gain (loss) on investment securities, net | 0 | 0 | 0 | 0 | |
Other Comprehensive Income, Unrealized Gain on Derivatives Arising During Period, Net | 94 | 89 | 278 | 232 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ 789 | $ 847 | $ 5,481 | $ 2,502 | |
[1] | Includes intra-entity foreign currency transactions that are of a long-term investment nature of $(9,273) and $(38,092) for the third quarter and first nine months of 2016 and $19,887 and $27,821 for the third quarter and first nine months of 2015, respectively. |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Defined Benefit Plan, Lum Sum Payments | $ 26,063 | |||
Components of net periodic benefit costs: | ||||
Service cost | $ 0 | $ 0 | 0 | $ 0 |
Interest cost | 914 | 1,330 | 3,570 | 3,990 |
Expected return on plan assets | (1,098) | (1,790) | (4,174) | (5,370) |
Amortization of net loss | 471 | 417 | 1,356 | 1,251 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Net periodic benefit costs | 287 | (43) | 752 | (129) |
Settlement charge | 0 | 0 | (12,211) | 0 |
Net periodic benefit costs | $ 287 | $ (43) | $ 12,963 | $ (129) |
Contingencies (Details)
Contingencies (Details) € in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Oct. 01, 2016USD ($) | Oct. 01, 2016EUR (€) | Dec. 31, 2012USD ($) | |
Site Contingency [Line Items] | |||
Litigation Settlement, Amount | $ 110,000 | ||
Environmental Costs Recovered | $ 37,000 | ||
Huntsville Site [Member] | |||
Site Contingency [Line Items] | |||
Environmental Remediation Expense To Date | 5,000 | ||
Additional Expected Project Expenditures Low Estimate | 3,000 | ||
Additional Expected Project Expenditures High Estimate | 4,000 | ||
Huntsville Site [Member] | Investigation Report [Member] | |||
Site Contingency [Line Items] | |||
Additional Expected Project Expenditures Low Estimate | 300 | ||
Additional Expected Project Expenditures High Estimate | 750 | ||
Norco Site [Member] | Remediation, Project Management, Regulatory Oversight, and Investigative and Feasability Studies [Member] | |||
Site Contingency [Line Items] | |||
Environmental Remediation Expense To Date | 53,000 | ||
Additional Expected Project Expenditures Low Estimate | 22,300 | ||
Additional Expected Project Expenditures High Estimate | $ 33,000 | ||
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 Inform49
Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Dec. 31, 2015 | ||
Sales: | ||||||
Sales | $ 5,936,092 | $ 5,698,304 | $ 17,382,370 | $ 16,530,678 | ||
Operating income (loss): | ||||||
Operating income (loss) | 198,684 | 185,794 | 603,640 | 570,171 | ||
Restructuring, integration, and other charges | 24,267 | 17,756 | 61,161 | 51,099 | ||
Assets | 13,138,043 | 13,138,043 | $ 13,021,930 | |||
Global Components [Member] | ||||||
Sales: | ||||||
Sales | 3,904,447 | 3,692,051 | 11,413,348 | 10,736,989 | ||
Operating income (loss): | ||||||
Operating income (loss) | 175,507 | 164,744 | 524,662 | 499,456 | ||
Assets | 8,153,392 | 8,153,392 | 7,276,143 | |||
Global ECS [Member] | ||||||
Sales: | ||||||
Sales | 2,031,645 | 2,006,253 | 5,969,022 | 5,793,689 | ||
Operating income (loss): | ||||||
Operating income (loss) | 96,181 | 84,233 | 283,792 | 250,144 | ||
Assets | 4,241,577 | 4,241,577 | 5,074,529 | |||
Corporate Segment [Member] | ||||||
Operating income (loss): | ||||||
Operating income (loss) | [1] | (73,004) | $ (63,183) | (204,814) | $ (179,429) | |
Assets | $ 743,074 | $ 743,074 | $ 671,258 | |||
[1] | Includes restructuring, integration, and other charges of $24,267 and $61,161 for the third quarter and first nine months of 2016 and $17,756 and $51,099 for the third quarter and first nine months of 2015, respectively. |
Segment and Geographic Inform50
Segment and Geographic Information - Geographic Sales & PP&E (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 01, 2016 | Sep. 26, 2015 | Oct. 01, 2016 | Sep. 26, 2015 | Dec. 31, 2015 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | $ 5,936,092 | $ 5,698,304 | $ 17,382,370 | $ 16,530,678 | ||
Property, plant, and equipment, net | 750,513 | 750,513 | $ 700,178 | |||
Americas [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | [1] | 2,897,810 | 2,850,586 | 8,327,845 | 8,224,901 | |
Property, plant, and equipment, net | [2] | 621,175 | 621,175 | 582,973 | ||
EMEA [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | [3] | 1,548,067 | 1,591,751 | 4,990,973 | 4,761,688 | |
Property, plant, and equipment, net | 93,318 | 93,318 | 88,727 | |||
Asia Pacific [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | 1,490,215 | 1,255,967 | 4,063,552 | 3,544,089 | ||
Property, plant, and equipment, net | 36,020 | 36,020 | 28,478 | |||
United States [Member] | ||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||
Sales | 2,677,954 | $ 2,603,885 | 7,665,313 | $ 7,557,090 | ||
Property, plant, and equipment, net | $ 616,741 | $ 616,741 | $ 580,791 | |||
[1] | Includes sales related to the United States of $2,677,954 and $7,665,313 for the third quarter and first nine months of 2016 and $2,603,885 and $7,557,090 for the third quarter and first nine months of 2015, respectively. | |||||
[2] | Includes net property, plant, and equipment related to the United States of $616,741 and $580,791 at October 1, 2016 and December 31, 2015, respectively. | |||||
[3] | Defined as Europe, the Middle East, and Africa. |